1 week Ago By Bruce Yeon
Gibraltar - Xapo Bank, the only fully licensed bank that makes it easy for its members to bank with Bitcoin, announced on November 14 that it has launched a Beneficiary solution - allowing members to nominate multiple beneficiaries for their assets, including Bitcoin. Approximately four million Bitcoins—over 20% of the total supply—are estimated to be permanently inaccessible. This loss highlights a gap in effective inheritance solutions for digital assets.
While digital wealth continues to grow, inheritance services for crypto assets remain limited and costly, often involving ongoing fees for simple storage. Many exchanges compound these challenges with complex, lengthy processes for beneficiaries, requiring extensive documentation that can delay access for months. Xapo Bank’s new solution addresses this critical need, empowering members to ensure their wealth is securely passed on to loved ones.
Members can assign all or part of their Bitcoin and fiat assets to beneficiaries in just two steps. Integrated into the Xapo Bank app, this feature enables secure legacy planning in under five minutes with no ongoing fees. Xapo Bank delivers a comprehensive, one-stop shop for members looking to secure their wealth, currently offering interest rates of 4.
1% on USD accounts and 1% on Bitcoin accounts. Xapo Bank combines these benefits with the security of a fully licensed and regulated bank. It integrates world-class physical security in the form of military bunkers with Multi-Party Computation (MPC) technology to protect members' assets.
As a member of the Gibraltar Deposit Guarantee Scheme (GDGS), Xapo Bank guarantees USD deposits up to €100,000. Seamus Rocca, CEO of Xapo Bank, said, “At Xapo Bank, we’re committed to offering more than just secure Bitcoin storage. We’re enabling our members to build a legacy and secure their wealth for themselves and those who matter most to them.
With this new feature, our members can rest easy, knowing their financial future is safe.” This announcement succeeds several other recent partnerships and regulatory achievements by Xapo Bank. In September, the bank announced a partnership with FalconX to enable competitive Bitcoin pricing and more value for its members.
It also launched a Bitcoin hedge fund in excess of $200 million with the Hilbert Group and successfully passported its banking license into the UK, becoming the only licensed banking group in the UK to offer a combined interest-bearing fiat and Bitcoin account..
