Xapo Bank introduces new solution to allow members to name various beneficiaries for their assets, including Bitcoin

The beneficiary’s solution, which allows members to name various beneficiaries for their assets, including Bitcoin, was introduced by Xapo Bank

Xapo Bank, the only fully licensed bank that makes it easy for members to bank with Bitcoin, has introduced the beneficiary’s solution, which allows members to name various beneficiaries for their assets, including Bitcoin.

Over 20% of all Bitcoins, or about four million, are thought to be permanently lost. This loss highlights a weakness in practical digital asset inheritance solutions.

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Despite the increasing volume of digital wealth, inheritance services for cryptocurrency assets are limited and costly, often requiring recurring payments for basic storage. To make matters worse, many exchanges subject beneficiaries to lengthy and bureaucratic processes that can delay access for months.

This urgent need is addressed by Xapo Bank’s new solution, empowering members to securely pass on their wealth to their loved ones. In just two steps, members can allocate all or a portion of their fiat and Bitcoin holdings to beneficiaries.

Moreover, integrated into the Xapo Bank app, the solution enables secure legacy planning in under five minutes and comes with no recurring fees. Currently, offering interest rates of 4.1% on USD accounts and 1% on Bitcoin accounts, members get a complete, one-stop solution for their money’s safety at Xapo Bank.

These benefits are combined with the security of a fully licensed and regulated bank at Xapo Bank, which utilises Multi-Party Computation (MPC) technology to safeguard members’ assets alongside physical security in the form of military bunkers. Being a member of the Gibraltar Deposit Guarantee Scheme (GDGS), Xapo Bank insures USD deposits up to €100,000 ($105,766).

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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, 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 news follows a number of other recent collaborations and regulatory successes for Xapo Bank. In September, the bank announced that it has partnered with FalconX to bring additional value to its members and provide competitive Bitcoin pricing.

It also established a Bitcoin hedge fund worth over $200m with the Hilbert organisation, and together with successfully transferring its banking licence into the UK, it became the only legal banking institution in the country to offer both Bitcoin and interest-bearing currency accounts.