Binance, the largest cryptocurrency exchange by trading volume, has deployed a new feature, receiving support from the community on a rather sensitive topic.
Users can now designate emergency contacts and cryptocurrency heirs, marking a significant step in addressing one of the most sensitive but important issues in the industry – digital asset inheritance.
Binance Launches Cryptocurrency Inheritance Feature, CZ Calls for Widespread Adoption
The update, released in a platform upgrade on 12/06/2024, allows users to set up an inheritance application process. Designated beneficiaries can able to claim assets in the event of the user's death.
Binance's founder and former CEO Czhao (C) publicly supported this move, calling, on the rest of the industry to follow suit.
"This is a topic that people people often avoid, but the reality is that that is cannot live forever...... Every platform should have a 'will function'' – so that when someone is no longer here, their assets can be distributed to to accounts according to a predetermined ratio," CZ posted on X.
For many years, the cryptocurrency industry has lacked a standard mechanism for handling inheritance, leaving billions of dollars in limbo.
"every year, there are people worldwide who die in accidents, and over $1in cryptocurrency asset value is inherited by centrcentralized exchanges," a Web3 community builder commented.
The article implies that many exchange owners have acquired significant assets from inactive accounts of deceased users without notifying families or leaving access instructions.
The new feature allows users to submit an inheritance application, ensuring their heirs receive the assets they leave behind.
Users welcome this innovation, recognizing it as a "very necessary". The general sentiment is that platforms must implement an appropriate mechanism for cryptocurrency inheritance.
"Every platform should have a 'will function' – – so that when someone is no longer here, their assets can be distributed to designated accounts a predetermined ratio," CZ wrote.
However, some argue that the feature feature is not comprehensive enough. One user points out the intangible value associated with a user's including account identity Watchers, content, and non-transferable soul-bound tokens (SBTs).
"Personally, I think the most perfect way to inherit assets is to transfer the entire account to your heir... this is also true for real estate inheritance and transfer. The address and house number remain the same, but the person in it changes user said.
Binance's Will Feature Aligns with Cryptocurrency's Decentralized Spirit
The update also addresses a broader issue of trust in cryptocurrency. Users emphasize that will or inheritance function represents true decbecauseentralization banks rarely release assets of the deceased.added.
Such a move would place cryptocurrency on par with traditional finance (TTTradFi), where parents or guardians manage trust fundsicithey specific time or age.
While Binance is one of the first major exchanges exchanges to deploy deploy an integrated inheritance solution, community members are calling for others to quickly follow suit.
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