India: PocketBits Cryptocurrency Exchange Introduces "Nominee Registration" Feature
PocketBits cryptocurrency exchange in India is the first global exchange to introduce 'Nominee Registration' feature where the registered nominee will be notified if your exchange account is inactive for a duration of 6 months.
This helps resolve an issue of family members not knowing of a user's cryptocurrency holdings especially incase of demise of the user or some other related issue.
If an account is dormant i.e. without any trades or wallet activity for a period of six months, PocketBits will notify the registered user and their appointed nominee. This initiative has been taken to solve the issue of Nominee’s not being aware of the Users holdings on exchanges.
There are many benefits of registering a nominee and I highly recommend anyone interested in this feature to check their official blog here to get all the details about it.
PocketBits is a relatively new exchange but has been doing very well and is one of the exchanges that responded positively during the proof of keys event.
I hope other exchanges would consider this feature as well as it would greatly help people in the long run if executed correctly.
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That is really a great initiative as i was always having a question in my mind that if in case something happens to me so how will my family get to know about my holdings and now that will be really a easy way i will further check there blog for a better understanding and thanks for letting us know about it buddy....
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Thanks firepower Sir for sharing update I think this is good starting India I hope all is well for future.
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that is interesting.
looks like its the 1st ever feature.
This concept is interesting, but I don't want to trust my cryptocurrency to an exchange. Besides the lawyers will likely be able to pry it from any exchange I KYC'd on. I'd sooner trust my family with my hardware wallet.
Yes nominee is new option in cryptocurrency exchange. Useful update. Thanks for sharing.