The custodian crypto project Casa introduced users access to a new service called Casa Covenant. It will allow BTC holders to manage their funds in the event of death.
The Casa Covenant service implements support for multi-signature technology, as well as a security protocol – users can configure the transfer of BTC funds to a particular person as an inheritance. This solution will allow to solve the problem that is relevant for cryptocurrency owners – what will happen to BTC accumulations after death?
There are several scenarios: if you do not take any actions, then the funds will be lost forever, confidential information regarding the wallet or other service where BTC coins are stored can be shared with a trusted person, while there remains the risk of theft. Finally, you can turn to third-party custodians who do not have the option of transferring funds by inheritance.
Announcing Casa Covenant!
A Bitcoin Inheritance Service that solves the question:
“What happens to my bitcoin when I die?” Https://t.co/NtLuD9sy4P
Casa (@CasaHODL) October 16, 2019
In order to use the new service, you must open a keymaster account in the company. After the death of the user, one of the parts of the multi-signature goes to the lawyer. The multi-signature of the new service will require 3 out of 6 keys to recover funds, that is, you will need a lawyer key, a Casa recovery key, and a deposit box key. It is noteworthy that the representatives of Casa intend to train lawyers, the deceased family on how to correctly and safely restore access to crypto funds.
