Casa Unveils Inheritance Feature to Simplify Transfer of Digital Assets After Owner's Death
Summary:
Bitcoin self-custody firm Casa is introducing an inheritance feature to simplify the transfer of digital assets from deceased estates to beneficiaries. The service will allow users to assign a recipient to a specific token vault within Casa's app, triggering a six-month countdown upon the owner's passing, after which the recipient can access the asset. The intention is to streamline and secure the handling of a deceased person's cryptocurrency holdings, especially in instances where no prior inheritance plans were made.
Bitcoin self-storage enterprise, Casa, is set to introduce a feature focused on simplifying the transition of assets from deceased estates to beneficiaries. The management and passing on of virtual currencies can pose difficulties, especially if the digital asset owner fails to put preparatory measures in place for their inheritance decisions. Casa's co-founder and CEO, Nick Neuman, spoke with Cointelegraph about the complications of cryptocurrency inheritance. He highlighted the lack of efficient tools to help individuals safeguard their digital estate for eventual transmission.
Casa, for some time, has provided an inheritance provision to its top-rank members in the U.S. This new offer will be open to all members and deviates from the existing premium one, by letting members pass on their Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC) to their designated beneficiaries.
The intention of this service is to streamline the handling of a deceased individual's crypto assets, ensuring the process is easy, secure, and hostile to illicit acts. Neuman noted the troubles that follow when inheritance plans aren't in place, stating that recovery efforts for such assets could take between 6 to 12 months, with the chances of successful recovery being meager.
Casa's inheritance feature works by enabling users to elect a recipient to a specific token vault within its proprietary app. The chosen recipient must first create a free Casa account and scan a QR code associated with the vault owner. This QR code holds an encrypted version of the owner's mobile key.
If the vault owner passes on, the appointed recipient can activate a request via their Casa app to access the vault. This triggers a six-month timer, sending monthly notifications to the owner's app. If the owner fails to respond within six months, the recipient can use the shared mobile key to access the asset.
Further, Casa is offering a five-key vault in which one hardware key is shared with the designated recipient. This design adds an extra level of security to the vault, especially for those holding larger assets.
While there are no accurate statistics, lost Bitcoins are thought to be worth approximately $140 billion, often lost due to misplaced keys. Since its establishment in 2016, Casa has been an advocate for multisignature self-custody in the cryptocurrency sphere. Their flagship Bitcoin vault allows for the secure storage of Bitcoins using up to five keys. Initially only made accessible to high-worth Bitcoin individuals, the service is now open to all users, with Ether holders also able to use up to five keys for their own vaults.
Published At
3/27/2024 6:00:00 PM
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