The issue of “crypto willing” in DeFi has been a serious roadblock for many people who are concerned about what happens or that their crypto wealth will be locked forever after they pass on. Several companies in the cryptocurrency space are attempting to address this DeFi issue with the recent being, the Israeli software firm Kirobo.
As recently as May 31, Kirobo announced the launch of an inheritance solution on its DeFi crypto wallet, Liquid Vault, which allows users to designate crypto wallets that can inherit their funds, based on pre-set conditions or “last will.” This solution will automatically hand over private keys or transfer funds to the designated accounts when the stipulated conditions are met.
The innovative system eliminates the need for lawyers, government agencies, or any other centralized organization to create and execute an automated last will and testament. Instead, users must choose up to eight beneficiaries and a date for the funds to be distributed to the chosen wallets.
Crypto willing in DeFi
Similar to the wallet’s backup feature, Liquid Vault’s new inheritance method is built on Kirobo’s unique “future conditional transactions” technology. Based on certain parameters, the tool allows users to create future transactions or obtain a secondary access point to their assets.
The Liquid Vault wallet supports Ether (ETH) and all ERC-20 tokens, including the Ethereum-based version of Bitcoin (BTC), Wrapped Bitcoin (WBTC), as well as ERC-721 NFTs, and was released in beta in late 2021. The inheritance tool in Liquid Vault now supports ETH and ERC-20 tokens, with Kirobo aiming to add support for NFTs in future versions.
According to Asaf Naim, Kirobo CEO, there’s a growing trend among Web3 users to hold considerable amounts of cryptocurrencies, increasingly relying on these assets in investment portfolios and retirement nest eggs. The new tool, according to Naim, provides a simple and safe succession method for passing digital wealth to future generations while “keeping true to Web3’s goals of decentralization and community ownership.”
Crypto willing is one of the most troubling issues for crypto owners, as private cryptocurrencies such as Bitcoin (BTC) are designed to prevent anyone other than the owners from controlling their assets.
According to a survey conducted by The Cremation Institute, 89 percent of bitcoin investors are concerned about what will happen to their money when they pass away. Despite this concern and the actual possibility of losing their hard-earned digital assets, only 23% of investors have a documented plan in place.