During the Covid-19 Coronavirus emergency, two crypto inheritance services companies reported a “dramatic rise” in requests.
It is very likely that the cause is the panic caused by the pandemic, which is prompting many cryptocurrency holders to find solutions to leave their assets to their inheritors.
The problem arises because if the tokens are kept on public addresses whose private keys, or the seed of their wallet, are owned entirely by an individual, in the case he/she disappears without disclosing them to anyone, the stored tokens are lost forever.
This has already happened several times in the past, and since the storage of tokens on proprietary wallets, i.e. with the exclusive ownership of the private keys or the seed, is highly recommended to avoid having to entrust them to third parties that are not necessarily secure and protected, the problem continues to persist.
However, the solution is very simple: leave in inheritance the private keys or the seed using special services, or a simple will.
For this reason, Casa Hodl and Unchained Capital have revealed a significant increase this month in requests received for their crypto inheritance services.
Clients are requesting several services to ensure that their heirs can inherit their crypto inheritance without any problems.
Unchained Capital’s Chief Product Officer, Will Cole, said:
“We’ve seen more demand [than at any other time] in our history over the past month for vaults”.
The CEO of Casa Hodl, Nick Neuman, confirmed the competitor’s claim, saying that more than half of the requests received this month were for the inheritance service, with the number of customers in the first three weeks of March being three times that of January and February combined.
Frankly, it is even possible to imagine a further increase in these requests, perhaps even after the emergency, since the more cryptocurrencies will enter the portfolios of investors, especially the larger ones, the more these needs will be felt.