Rejected: Coincover Initiates First-Ever Cryptocurrency Will Feature
A person’s last will is intended at distributing any property he/she owns in the event of death.
Nevertheless, in the crypto space, wills are nonexistent, but this is expected to come to an end after Coincover, a Cardiff-based cryptocurrency protection and insurance company, announced a new feature dubbed Cryptocurrency Wills.
Coincover notes, “Cryptocurrency Wills is the first and only service to guarantee your funds will be fully retrievable by your loved ones after your death.”
In the event of death, beneficiaries are required to follow three steps to retrieve the deceased cryptocurrency. They are:
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Notify Coincover
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Provide the necessary documentation
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Receive cryptocurrency holdings
The co-founder and CEO of Coincover, David Janczewski, acknowledged: “As Bitcoin becomes more mainstream and its value continues to increase, considering how to manage it as part of an estate planning exercise is becoming increasingly difficult. Many people don’t know that unlike physical assets which form part of an estate on death such as savings, property, pensions and investments, you can’t get at cryptocurrency, unless you have the key or password to it. There’s no bank manager to ask, and no one can break in for you. That’s why so many billion Bitcoins are lost when people die each year. Our Cryptocurrency Wills product meets this gap in the market.”
Through Cryptocurrency Wills, Coincover seeks to offer a no-compromise crypto solution to its customers.