Xapo Bank, located in Gibraltar, has introduced a new Bitcoin inheritance plan. According to the announcement, this allows its members to name multiple beneficiaries for their assets, including Bitcoin. This feature provides a safe and efficient way to prepare for the future, ensuring that digital and traditional wealth can quickly be passed on to loved ones.
Xapo Bank Ensures Users Secure Their Wealth
This new service is simple to use. It lets UK and global members set up their legacy plans in under five minutes. Unlike many traditional inheritance options, Xapo Bank’s service has no ongoing fees, making it a good choice for people looking for affordable ways to manage their wealth.
Xapo Bank combines regular banking services with modern digital asset solutions, making it a convenient place to secure and grow wealth. Currently, Xapo Bank members can benefit from competitive interest rates: USD accounts earn 4.1% interest, while Bitcoin accounts offer 1% interest. These rates make Xapo Bank an attractive option for those wanting to diversify their investments while earning steady returns.
The Bitcoin inheritance feature helps solve an important issue in the cryptocurrency world: securely passing on digital assets. Compared to physical belongings, cryptocurrencies can be permanently lost if the owner takes steps to ensure others can access them after they die. By allowing clients to assign multiple beneficiaries, Xapo Bank reduces this risk and provides peace of mind for clients and their families.
Xapo Provides Interest-Bearing BTC and Fiat Accounts
Recall that the Bitcoin-friendly bank has expanded into the UK market by transferring its banking license to the country.
As such, Xapo Bank is now the first UK bank to provide accounts, offering interest on both BTC and fiat and meeting cryptocurrency services needs. Intriguingly, customers can access interest-bearing accounts in Bitcoin and standard currencies. This allows them to spread their investments and make money on their holdings.
As per the release, Xapo Bank provides a 1% interest rate on Bitcoin without requiring customers to stake, lend, or lock up their assets. The Financial Conduct Authority (FCA), the Bank of England (BoE), the Prudential Regulation Authority (PRA), and the Gibraltar authorities made the banking license possible.
Circle Collaborates With Xapo
Last year, Circle, a crypto financial services firm, abandoned the SWIFT payment platform and collaborated with Xapo Bank.
As reported by TheCoinRise, Circle will work with Xapo Bank to incorporate USDC stablecoin payment rails as a SWIFT substitute. Interestingly, the partnership made Xapo Bank the first licensed bank globally to integrate USDC payment rails.
Under the agreement, customers will deposit and withdraw money using the stablecoin with no fees from Xapo Bank, thus avoiding expensive and time-consuming SWIFT payments. Similarly, the bank offers a 1:1 exchange rate from USDC to USDD. The USDC deposit is converted to USD, giving members a 4.1% annual interest rate return on savings.
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