PoketBits, the slightly less known Indian cryptocurrency exchange, has taken the leadership position in launching a much-needed feature. It has become the first exchange globally to launch the feature of nomination.
When it comes to Indian cryptocurrency space, there’re very few publications and teams that are doing something constructive for the sector. Of course, we’re one of them (LOL), and the other are our friends at Crypto Kanoon. Not only they’ve been our source of information from inside the Supreme Court but also they’ve been the voice behind some of the most pressing questions and most important movements. It was not too long ago that they raised the questions related to Proof of Keys movement, and now after that they started another movement in which they surveyed the users of cryptocurrency exchanges to ask them whether they would like to register nominees with their exchange accounts or not. They also asked the exchanges for their views on this particular subject, and many exchanges responded. However, the responses of public were unarguably the most important, and an overwhelming majority of survey participants (about 89%) said that Yes, they would like to register a nominee.
Do you want crypto exchanges to introduce “Register Your Nominee” option on their platform?#iwanttonominate
— Crypto Kanoon (@cryptokanoon) January 15, 2019
And the result is… guess what? The roll-out of feature by a popular crypto exchange.
That’s right. Acting swiftly on the demand of market PokcetBits has launched the feature to register a nominee on its platform. By doing this it has shot two birds with one bullet:
- First of all it has provided its users the ability to keep their cryptocurrencies secured even after their death;
- And secondly, it has shown that it has got what it takes to be a leader in the market despite having less daily trading volume than some of its competitors.
The feature is very easy to set up. One can navigate to the Profile section of their PocketBits account, where a small form will be available asking for Nominee details. The details required to be submitted are name of the nominee, their mobile number and user’s relation with them. Once this information has been submitted the person being registered as nominee will receive a text message notifying him/her about the same. In unfortunate case of user’s demise the nominee can contact PocketBits team to claim the funds of the user.
Moreover, if an account becomes dormant after not being used for six months, the user and nominee both will be notified to claim the funds lying in that account. This arrangement is to ensure that nominees come to know about the holdings of a user with PocketBits exchange.
Interestingly, in its initial response PocketBits had said that lack of awareness in family members regarding cryptocurrencies is a bottleneck holding them back from launching the feature while adding that they’re looking for ways to keep it simple and hassle-free. And within a week they’ve not only devised the plan but also implemented it in the form of a feature. Bravo!
We have certainly considered this feature but the only bottleneck to this is the lack of awareness in the family members about the users holdings or the exchanges they trade on. Hence we have a certain plan to make it hassle free, which will be introduced soon.
— PocketBits (@PocketBitsIndia) January 16, 2019
Responses of other exchanges
Among other exchanges that responded to Crypto Kanoo’s initiative was WazirX. Company’s CEO Nishcal Shetty said that the feature is on their roadmap, but he didn’t provide an expected time of arrival. He also added that currently company’s support team helps family members of a deceased user recover his/her holdings after proper due diligence. You can see Nischal’s tweet below:
It’s on our roadmap. We don’t have an ETA yet. Currently, our support team helps family members recover assets after due diligence.
We’ve in fact done this a few times already & helped family of user. Eventually, we’ll bring this within the product & have it more streamlined ?
— Nischal (WazirX) ⚡️ (@NischalShetty) January 15, 2019
Other exchanges, however, are yet to respond. It will be interesting to see how many of them respond now after introduction of this feature by PokcetBits.