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Home » Casa Introduces Innovative Solution to Address Bitcoin Inheritance with Multi-Key System
Casa Introduces Innovative Solution to Address Bitcoin Inheritance with Multi-Key System
Casa Introduces Innovative Solution to Address Bitcoin Inheritance with Multi-Key System

Casa Introduces Innovative Solution to Address Bitcoin Inheritance with Multi-Key System

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By admin on 2024-03-27 Blockchain, Cryptocurrency

Casa, a company specializing in Bitcoin self-custody, is introducing a new feature focused on simplifying the transfer of assets from deceased individuals to their beneficiaries. Inheriting cryptocurrencies can be a complex process, especially if the owner has not made any arrangements for their digital assets to be passed on. Casa’s co-founder and CEO, Nick Neuman, acknowledges that the inheritance of cryptocurrencies has been a major concern for crypto enthusiasts who want to ensure a smooth transition of their digital holdings. Casa has previously offered an inheritance feature to its highest membership tier in the U.S., but now it will be available to all Casa members. The new offering allows users to transfer Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC) holdings to their beneficiaries. The goal is to make the management of deceased individuals’ cryptocurrency holdings simple, secure, and resistant to malicious actors. Neuman explains that situations where no inheritance plans have been made can be “precarious and stressful.”

The new feature works by Casa’s users designating a recipient to a specific token vault in the company’s proprietary app. The recipient then creates a Casa account, scans a QR code provided by the vault owner, and imports an encrypted version of the owner’s mobile key. Initially, the recipient cannot use the key or view the vault balance. If the owner is still alive, they can reject the request. However, if the owner passes away and the timer runs out after six months, the recipient can use the shared mobile key and request a signature from the Casa Recovery Key, which grants them access to the asset. In addition to this, Casa will also offer a five-key vault, where one hardware key is shared with the recipient. This adds an extra layer of security and resilience for larger holdings.

Casa has been promoting multisignature self-custody since its establishment in 2016. The company’s flagship Bitcoin vault allows users to store their cryptocurrency using up to five keys, enhancing security through decentralization. Initially, Casa’s services were targeted at high-net-worth individuals willing to pay $10,000 a year for custody. However, the company has expanded its user base and now offers an Ether vault as well. ETH holders can also use up to five keys to secure their holdings.

Lost Bitcoin is estimated to be worth around $140 billion, with misplaced keys being a common reason for these losses. Casa’s inheritance feature aims to address this issue and provide a secure solution for passing on digital assets. The company’s commitment to self-custody and security has led to its expansion in the crypto industry, with plans to fight crypto hacks in real time through a team called “SEAL 911.”

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