Crypto custody Casa has now made inheriting Bitcoin easy and a reality. The inheriting service now referred to as Casa Covenant allows clients to pass on their bitcoin to others through estates lawyers. This service has introduced private keys that will be under lawyers appointed by a particular user. This key will be used in the event that the Bitcoin holder passes away.
Is Passing Bitcoin on a Straight Forward Process?
You could be wondering what happens to your crypto holdings after you pass on. This platform allows your bitcoin passing on to be a more secure process. Following a report by NewsBTC early this year, Quadriga CX– Canadian bitcoin exchange went offline. In the report that followed days after, the company’s CEO – Gerald Cotton suddenly passed away being the only holder of the platform’s private keys. Cotten’s life coming to an end went with digital assets worth millions of dollars. These assets were held on behalf of the exchange platform users.
The incident raised an alarm in relation to Bitcoin inheritance process. It becomes more complicated when the bitcoin holder becomes the holder of their own private keys. In case of death, no one is able to transfer the bitcoin holding without the keys.
This is the problem that the Casa covenant has come on board with a solution. The platform introduced additional private keys to be held by the lawyer. In order for this system to work, Casa introduced the third key to be deposited in a safe box bearing the user’s name. In case the user is no more, this key can be retrieved and this would allow the process of passing funds on be an easy and feasible way.
This service is only available to the highest tier members. However, Casa is planning to roll out this service to the members of the other levels as well in the future.