A self-sustaining multi-key solution to deal with Bitcoin legacy

Bitcoin self-custody company Casa is rolling out an inheritance feature aimed at easing the transfer of assets from deceased estates to benefactors.

Inheriting cryptocurrencies can be a complicated process if the owner of the digital assets has not made any arrangements to pass control to their family or designated beneficiaries.

Casa co-founder and CEO Nick Neumann told Cointelegraph that the legacy of cryptocurrencies has long been a problem for crypto-natives who want to ensure their digital holdings are passed on accordingly.

“It will not be missed. Most people realize that it's a big problem that they want to solve, but they don't have a good tool to solve it, so most people either haven't found a solution or they've put together something that they thought would work but didn't. I feel great,” Neumann said.

For the past few years, Casa has offered legacy features to the highest membership levels in the US. Numan said that the new offering will be available to all KASA members and differs from the current top-level feature, allowing users to transfer Bitcoin (BTC), Ether (ETH), Tether (USDT) and USD Coin (USDC) holdings to charities. .

Related: Casa Releases Privacy-Focused Bitcoin Wallet

The grant aims to ensure that the process of managing the cryptocurrency holdings of deceased individuals is straightforward, secure and resistant to malicious actors. Neumann says that cases where succession plans are not prepared are “distressing and troubling”:

“When we tried to recover property for people who didn't have an inheritance plan and died, it took 6-12 months to figure everything out. Even then the chances of getting the properties are low.

The offer hinges on a Casa user nominating a recipient to a specific token deposit in the proprietary app. The receiver then creates a free Casa account and scans the QR code provided by the vault owner, which is the owner's mobile key encrypted.

Related: Casa Launches Multi-Signature Ethereum Self-Storage Vault

The key comes only with the specified account and the recipient cannot initially access it or view their Vault account, Newman explains:

“If the cashier passes away, the recipient can request access to the storage space in their cashier's app. This starts a six-month timer and sends multiple notifications to the owner each month.

If the owner is still alive, they can decline the request in their application. If the timer expires after six months, the recipient can use the shared mobile key and request a Casa Recovery Key signature for the shared vault. This gives them 2 out of 3 signatures to get the property.

Casa also offers a five-key vault where one hardware key is shared with the receiver. A small increase in friction for receivers increases the security and resilience of a five-key vault for large holdings.

Best estimates peg the lost value of Bitcoin at around $140 billion, of which faulty keys are often the cause.

In the year Since its founding in 2016, Casa has introduced multi-signature self-governance in the crypto industry. The original Bitcoin Vault allows users to store the cryptocurrency using up to five keys for distributed security.

The compensation service offers services to Bitcoin “whales” who are willing to spend $10,000 a year on maintenance before opening the service to a wider user base. The company has now added Ether Vault to the platform, where ETH holders can use up to five keys to secure their holdings.

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