As of today, the Gibraltar-based bank, renowned for bridging traditional banking with Bitcoin, has introduced a new beneficiary solution.
Gibraltar-based Xapo Bank, known for merging traditional banking with Bitcoin, has announced a new beneficiary solution. High-net-worth members can now assign beneficiaries to their Bitcoin and fiat holdings, ensuring their crypto legacy endures.
A glaring gap in crypto inheritance exists. Unlike traditional financial instruments, Bitcoin and other cryptocurrencies don’t have streamlined, affordable inheritance pathways. Most solutions are burdened with high fees, convoluted processes, and a mountain of documentation. This can leave grieving families in limbo for months.
Recognizing this critical shortfall, Xapo Bank is stepping up. Its newly launched solution simplifies the process, allowing members to assign beneficiaries to their Bitcoin and fiat holdings with unprecedented ease. The entire setup takes less than five minutes, eliminating the complexity typically associated with crypto inheritance. Better still, Xapo’s approach comes with no ongoing fees, making legacy planning accessible and efficient.
Xapo’s innovation doesn’t compromise on security. As a fully licensed and regulated bank, it combines cutting-edge digital safeguards like Multi-Party Computation (MPC) technology with the physical protection of military-grade bunkers. Members’ assets are further insured under the Gibraltar Deposit Guarantee Scheme, covering USD deposits up to €100,000.
CEO Seamus Rocca encapsulates Xapo’s mission:
“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, not only for themselves but also for those who matter most to them. With this new feature, our members can rest easy, knowing their financial future is safe.”
This beneficiary solution is just the latest in a string of strategic moves by Xapo Bank. In September, the bank partnered with FalconX to deliver competitive Bitcoin pricing, maximizing value for members. Around the same time, Xapo launched a $200 million Bitcoin hedge fund in collaboration with the Hilbert Group, further solidifying its position as a leader in the crypto-financial space. Additionally, Xapo successfully extended its banking license to the UK, becoming the sole institution to offer a dual fiat and Bitcoin interest-bearing account in the region.
With a strong foothold in both the traditional and crypto banking sectors, Xapo Bank is redefining what it means to secure and grow wealth in the digital age. Its latest move ensures that Bitcoin holders no longer have to worry about their assets disappearing into the abyss, securing not just financial freedom but peace of mind for future generations.
