Coinbase is a web-based platform that allows users to trade and invest in over 100 tradable Cryptocurrencies including Bitcoin, Polkadot, USD Coin, Shiba Inu, Ethereum, Cardano, Dogecoin, Uniswap, Litecoin, and Solana.
With 73 million users, Coinbase provides a user-friendly platform for anyone with no previous experience of storing, selling, or buying Cryptocurrencies, and offers an overview of the ways in which individuals can use the digital asset to invest and reap its benefits.
Due to its ability to give people more control over their money, Cryptocurrency has become increasingly popular. With Coinbase it has become quite handy to purchase, store and sell Cryptocurrencies, but it is important to note that Cryptocurrencies are Digital Assets, and require specific arrangements to be made to transfer them to the beneficiaries of a deceased or incapacitated person.
Creating a Trust for Cryptocurrency is one such arrangement, but does Coinbase provides assistance for this?
Coinbase’s business platforms, Coinbase Prime, Coinbase Custody, and Coinbase Exchange, all support accounts in the Name of a Trust. Following are the steps to create a Coinbase account in the Name of a Trust:
- An application is needed for an account if you’re new to Coinbase Prime, Custody, or Exchange. The Coinbase Client Services Team will assist you with account setup during the onboarding process after your application has been evaluated and accepted.
- During the onboarding process, direct communication with an analyst via email will ensure your account is set up precisely according to your desires. During this process, you need to make the Client Services team aware of your interest to set up a Trust account.
- In case, you already have a Coinbase Prime, Custody, or Exchange account, contact the Client Services team about your wish to create a Trust account. The crew will walk you through the rest of the procedure.
It should be noted that the platform does not allow joint Coinbase accounts or accounts in the names of trusts or other similar entities on Coinbase.com, but they do allow joint bank accounts to be linked to a Coinbase account as a payment method.
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Also, the name of your bank account must match the name of your Coinbase.com personal account. If you’d prefer to use a corporate bank account instead, try applying for a Coinbase Prime account.
Most companies providing platforms for selling, buying, and storing Cryptocurrency do not have clear policies regarding Beneficiary Designations, even if the companies provide services for Cryptocurrency accounts and funds transfer, the procedures could take plenty of time and effort.
Accounts on different platforms may require distinct procedures to be followed for the safe and timely transfer of Cryptocurrency Assets to the beneficiaries after the demise of the owner.
A Digital Estate Plan, which covers all of the requirements for drafting blueprints for all of your Digital Assets, can make the process go more smoothly. After your death or incapacitation, details and a guide to accessing and managing all of your Digital Assets can be given to your beneficiaries according to your desires.
Create a Digital Estate Plan with Clocr and watch as the process of protecting and planning for your digital assets becomes easier with expert guidance.