Casa’s Self-Custody Bitcoin Inheritance Solution

Bitcoin self-custody company Casa is introducing an inheritance feature to simplify the transfer of assets from deceased individuals to beneficiaries. Inheriting cryptocurrencies can be complex, especially if the owner hasn’t made any provisions for their digital assets. Casa CEO Nick Neuman explains that many crypto-natives recognize this issue but have lacked the tools to solve it effectively. Casa has previously offered an inheritance feature to its highest membership tier in the US, but now they will make it available to all Casa members. This new feature will allow users to transfer Bitcoin, Ether, Tether, and USD Coin holdings to their beneficiaries. The goal is to ensure that managing the cryptocurrency assets of deceased individuals is secure and resistant to malicious actors. Instances where no inheritance plans have been made can be stressful and precarious, often taking six to twelve months to resolve, and there is still a low chance of recovering the assets. The new offering from Casa involves designating a recipient for a specific token vault in their app. The recipient then creates a Casa account and scans a QR code provided by the vault owner, which contains an encrypted version of the owner’s mobile key. The recipient cannot initially use or view the vault balance. If the vault owner passes away, the recipient can request access to the vault, starting a six-month timer and receiving regular notifications. If the timer runs out, the recipient can use the shared mobile key and request a signature from the Casa Recovery Key to access the assets. Casa will also offer a five-key vault option, providing increased security for larger holdings. It is estimated that around $140 billion worth of Bitcoin has been lost due to misplaced keys. Casa, established in 2016, has long advocated for multisignature self-custody in the crypto industry. Their Bitcoin vault allows users to store the cryptocurrency using up to five keys for enhanced security. Casa initially served high-net-worth Bitcoin holders but has expanded its services to a broader user base, with the addition of an Ether vault to its platform. Ether holders can also secure their holdings using up to five keys.