Bitcoin self-custodial platform Casa has announced that it will launch a new inheritance product – Casa Inheritance – for its global customer base.
Casa, known for helping cryptocurrency investors secure their bitcoins and other digital assets through multi-signature vaults, aims to make it easier for its clients to transfer their digital assets to their loved ones when said clients pass away.
“What we discovered by talking with our customers is that their family members don't know how to use hardware wallets and don't want to [use them]“Casa co-founder and CEO Nick Neuman told Bitcoin Magazine.
“this [product] It allows them to have an experience that feels really comfortable. They only use the Casa mobile app for access [the] funds. It reduces anxiety [at] “At a time when they are already feeling very anxious,” he added.
Casa Inheritance uses the technology that powers all of its products: multi-key safes. To access these vaults, the client must use a combination of different private keys, and a security protocol known as multiple signing or “multisig.”
Casa Inheritance comes with a 3-key vault and costs $250 per year, according to a press release shared with Bitcoin Magazine. To unlock the money in the vault, the user only needs two of the three keys.
The setup and transfer process looks like this: The Casa client gives the recipient access to one of their encrypted private keys via the Casa app. If a customer is incapacitated, the recipient can request access to the vault via the app, which initiates a six-month waiting period.
The customer is notified of the request. If he doesn't reject it, the recipient will get access to the account using the private key the client shared plus another private key held by Casa. All this is achieved without any KYC (Know Your Customer) requirements.
Originally, Casa only offered this type of service to its private client members, but in the wake of the emergence of Bitcoin ETFs on the market, Casa has received more inquiries from people looking to hold physical BTC and transfer it across generations.
“After launching the ETFs, we got more [inquiries] Of people [who are] “Realizing that one of the really big benefits of bitcoin is that you can own it yourself,” Newman told Bitcoin Magazine.
“For people who use bitcoin as a hedge against systemic risk in the old financial system, you can't hold bitcoin in an ETF and still have the same investment thesis,” he continued. [our new clients] They were thinking about their thesis and what types of solutions actually fit with it. The thing that goes along with this type of hedging is self-custody.”
“So, you have to think: Within self-control, how can I make sure that I have a solution that is safe and easy to use and solves all the problems that I would need to solve if I had a meaningful solution? How much wealth is in Bitcoin and inheritance is a big part of that. [They] We need to ensure that wealth can truly be passed on from generation to generation.
For more information about Casa Inheritance and other Casa products, visit the company website at https://casa.io/.
