bitcoin self-custody platform Casa announced that it will launch a new inheritance product, Casa Inheritance, for its global customer base.
homeKnown for helping cryptocurrency investors protect their btc and other digital assets with multi-signature vaults, it aims to make it easier for its clients to transfer their digital assets to their loved ones when said clients pass away.
“What we've found from talking to our customers is that their family members don't know how to use a hardware wallet and they don't want to (use it),” Casa co-founder and CEO Nick Neuman told bitcoin Magazine.
“This (product) allows them to have an experience that is really comfortable for them. They simply use the Casa mobile app to access the funds. “It reduces anxiety at a time when they're already feeling quite anxious,” he added.
Casa Inheritance employs the technology that underpins all of its products: multi-key vaults. To access these vaults, a client must use a combination of different private keys, a security protocol known as multisignature or “multisignature.”
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 funds in the vault, the user only needs two of the three keys.
The setup and transfer process looks like this: A Casa customer grants a recipient access to one of the encrypted private keys through the Casa app. If the customer is incapacitated, the recipient can request access to the vault through the app, triggering a six-month waiting period.
The client is notified of the request. If they don't reject it, the recipient gains access to the account with the private key that the customer shared, as well as another private key that Casa possesses. All this is achieved without any KYC (know your customer) requirements.
Originally, Casa only offered this type of service to its private clients, but following the arrival of bitcoin ETFs on the market, Casa has received more inquiries from people looking to own real btc and transfer them from generation to generation.
“After the launch of ETFs, we've been getting more (inquiries) from people (who) are realizing that one of the big benefits of bitcoin is that you can own it yourself,” Neuman told bitcoin Magazine.
“For people using bitcoin as a hedge against systemic risk in the legacy financial system, you can't hold bitcoin in an ETF and still have the same investment thesis,” he continued. “So (our new clients) have been thinking about their thesis and what types of solutions really align with it. The one that aligns with that type of coverage is self-custody.”
“So, then you need to think: within the realm of self-custody, how can I make sure I have a solution that is secure, easy to use, and solves all the problems I would need to solve if I were to have a meaningful meeting?” “How much wealth is there in bitcoins? And inheritance is a big part of that. (They) need to make sure that wealth can really be passed down from generation to generation.”
For more information about Casa Inheritance and other Casa products, visit the company's website at https://casa.io/.
