Fun

Casa's multi-key solution for tackling self-custody Bitcoin inheritance

News Feed - 2024-03-28 12:03:00

Gareth Jenkinson9 hours agoCasa"s multi-key solution for tackling self-custody Bitcoin inheritanceCasa’s new self-custody inheritance feature will support multi-key vaults that allow benefactors to inherit BTC, ETH, USDT and USDC from deceased estates.1463 Total views20 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin self-custody firm Casa is rolling out an inheritance feature aimed at streamlining the transfer of assets to benefactors from deceased estates.


The inheritance of cryptocurrencies can be a complicated process, even more so if the owner of the digital assets has not made any provisions for their families or designated recipients to take control.


Nick Neuman, co-founder and CEO of Casa, tells Cointelegraph that the inheritance of cryptocurrencies has long been an issue for crypto-natives looking to ensure that their digital holdings are passed on accordingly.


“It’s not overlooked. Many people recognize it as a big problem they want to solve but they haven’t had good tools to solve it yet, so most people either don’t have a solution, or have cobbled together something that they hope will work but don’t feel good about,” Neuman said.


Casa has offered an inheritance feature to its highest membership tier in the U.S. for the past few years. Neuman said the new offering will be available to all Casa members and differs from the existing high-tier feature, allowing users to transfer Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC) holdings to benefactors.


Related: Casa Releases Self-Custody Bitcoin Wallet Focused on Privacy


The offering aims to ensure that the process of managing cryptocurrency holdings of deceased individuals is straightforward, secure and resistant to malicious actors. Neuman said that instances where inheritance plans have not been made have been “precarious and stressful,” adding:“When we’ve tried to help recover assets for people who don’t have an inheritance plan and have passed away, it has taken anywhere from 6-12 months to figure everything out. Even then, the chance of actually recovering the assets is low.”


The offering hinges on a Casa’s user designating a recipient to a specific token vault in its proprietary app. The recipient then creates a free Casa account and scans a QR code provided by the vault owner, which contains an encrypted version of the owner’s mobile key.


Related: Casa launches multisignature Ethereum self-custody vault


The key can only be imported by the specified account and the recipient can’t initially use it or see the vault balance as Neuman explains:“If the vault owner passes away, the recipient can request access to the vault in their Casa app. This starts a six month timer, and sends a ton of notifications every month to the owner.”


If the owner is still alive, they can reject the request in their app. If the timer runs out after six months, the recipient can use the shared mobile key and request a signature from the Casa Recovery Key for the shared vault. This will give them 2 out of 3 signatures required to access the asset.Casa"s inheritance feature allows a vault owner to assign encrypted keys to benefactors to access assets after their death. Source: Casa


Casa will also offer a five-key vault, where one hardware key is shared with the recipient. The small increase in friction for recipients adds increased security and resilience of a five-key vault for larger holdings.


Best guess estimates pin the value of lost Bitcoin at around $140 billion, of which misplaced keys are often a cause.


Since its inception in 2016, Casa has promoted multisignature self-custody in the crypto industry. Its flagship Bitcoin vault allows users to store the cryptocurrency using up to five keys for more distributed security.


Casa’s service originally catered to Bitcoin “whales” willing to spend $10,000 a year on custody before opening its service to a broader base of users. The company has now added an Ether vault to its platform, with ETH holders also able to use up to five keys to secure their holdings.


Magazine: ‘SEAL 911’ team of white hats formed to fight crypto hacks in real time# Bitcoin# Blockchain# Security# Bitcoin Price# Adoption# Hardware Wallet# Self CustodyAdd reactionAdd reaction

News Feed

Bitcoin Price Outlook for June — Market Conditions Show Uncertainty
Bitcoin Price Outlook for June — Market Conditions Show Uncertainty Ten days into June, bitcoin continues to trade lower, with prices hovering close to a twelve-month low. Despi
How Hackers Exploited Twitter’s VPN Problems, Obtained God Mode and Took Over Accounts
How Hackers Exploited Twitter"s VPN Problems, Obtained God Mode and Took Over Accounts An investigation by the New York State Department of Financial Services ha
Boxing Legend Mike Tyson Says He’s ‘All in’ on Solana Crypto — Asks Fans How High SOL Will Go
Boxing Legend Mike Tyson Says He"s "All in" on Solana Crypto — Asks Fans How High SOL Will Go Boxing legend Mike Tyson, aka “Iron Mike,” says he is “all in o
BitSpinCasino Launch In Full Swing
BitSpinCasino Launch In Full Swing Deposit 1 bitcoin, and get more than 2 bitcoin to play with on BitSpinCasino with a limited-time 130% welcome offer. Limited-time Welcome Offer o
Brayden Lindrea8 hours agoGrayscale Bitcoin ETF decision could happen this week, pundits sayThe pending Grayscale ruling could impact the race for an approved spot Bitcoin exchange-traded fund.5467 Total views43 Total sh
Sub-$10,000 Bitcoin Price Spiral Triggers $150 Million BitMEX Liquidation
In a move that wasn"t entirely unexpected, the Bitcoin price has plunged below $10,000 in a breakdown that started around 1 PM UTC this morning. The quick dump liquidated approximat
No Crypto Loans and Fewer Trading Options – Russian Finance Ministry Clarifies Regulatory Plan
No Crypto Loans and Fewer Trading Options – Russian Finance Ministry Clarifies Regulatory Plan Russian authorities are not going to allow cryptocurrency lending, the finance mini
Litecoin Could Be ‘Just Weeks Away’ From Third-Ever Golden Cross — Expert 
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Mars4 Metaverse Listing on KuCoin
Mars4 Metaverse Listing on KuCoin sponsored Humans have always had the ambition to explore outer space. To this day, the Moon Landing remains etched in history as one of the most hi
Binance Blocks Accounts Linked to Relatives of Senior Russian Officials
Binance Blocks Accounts Linked to Relatives of Senior Russian Officials Digital asset exchange Binance has blocked accounts tied to relatives of government officials in Moscow. Ami
How to set up and create an Ethereum wallet
Dilip Kumar Patairya1 hour agoHow to set up and create an Ethereum walletFind out how to set up CEX, DEX and hardware Ethereum wallets that are essential for efficiently traversing the cryptocurrency ecosystem.260 Total
Bitcoin clings to $65K — More losses ahead for BTC price?
Zoltan Vardai7 hours agoBitcoin clings to $65K — More losses ahead for BTC price?Bitcoin price briefly dipped below the $65,000 mark as long-term BTC holders started selling. Can BTC price close the week above $65,600?