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Binance Co-Founder Calls For Crypto Platforms To Implement ‘Will Function’ For Asset Inheritance
In a recent statement, Changpeng “CZ” Zhao, the co-founder of Binance, has emphasized the importance of securing digital assets for future generations through built-in inheritance features. Zhao urges other crypto platforms to implement a “will function,” allowing users to designate beneficiaries for their digital assets in the event of their death.
Zhao’s statement comes in response to an X user’s post praising Binance’s recent upgrade enabling emergency contacts and inheritance applications. The co-founder took the opportunity to reiterate the significance of implementing such a feature, citing the estimated $1 billion worth of crypto assets left unclaimed by centralized exchanges every year due to the absence of inheritance options.
The Binance executive emphasized that it is essential for platforms to allow users to distribute their digital assets according to specified proportions after their demise. To make this feature more accessible and inclusive, Zhao suggested that regulatory frameworks should permit minors to hold accounts and receive inherited crypto assets, although with potential trading restrictions in place.
Zhao believes that implementing such a “will function” would be crucial for the long-term sustainability of the cryptocurrency industry. He highlighted the need for self-custody, which requires more setup to ensure the integrity of asset distribution after the owner’s passing.
The co-founder’s statement serves as a clarion call to other crypto platforms, urging them to prioritize the implementation of such an essential feature for digital assets.
Source: cryptobriefing.com
