Last week, we announced the release of our suite of products designed to help institutions and businesses manage their bitcoin. But multi-user wallets aren’t restricted to these groups, and in fact can also be used in a similar way to manage bitcoin spending with your family, friends, or teams. This week, we’ll show you a few ways you can use multi-user wallets for your personal Xapo account.
Parents and children: As a parent, you may want to manage your son or daughter’s bitcoin allowance, and encourage responsible spending. Instead of sending bitcoin to an outside wallet every time, you can create additional wallets in your own dashboard, especially for this. Invite your child (or children!) to a new wallet you’ve created, and easily and instantly transfer bitcoin to that wallet as needed. You can even set a withdrawal limit, so they can never access more funds than you approve.
To set this approval threshold, first make sure they accept the wallet invitation they’ve received via email. Go to wallet settings, scroll down, and enter the minimum transfer amount for which you require approval in the “approval threshold” box. If you want to check in before all transfers, regardless of amount, simply enter “0”.
Expense accounts and pooled funds: Multi-user wallets are great for managing spending between business partners, teams, or even spouses. Create a new wallet for a specific expense account or pool, and invite as many other team members to access the wallet as you want. This could be useful for your club sports team, fantasy sports group, book club, or any group that you’re a part of.
We’re very excited about the possibilities that multi-user wallets open up and we look forward to engaging with our users to see how they’re using Xapo’s state-of-art security architecture with the flexibility of a shared wallet. If you have suggestions, let us know at email@example.com.