The founder and former CEO of Binance, Changpeng, “CZ” Zhao, asked the crypto platforms to adopt a “function” to allow users to distribute their digital assets in the event of death.
“This is a subject that people avoid, but the fact is that humans cannot live forever,” wrote CZ on X. “Each platform should have a” function “so that when someone is no longer there, their assets can be distributed to designated accounts according to the specified proportions,” he said.
The call comes while Binance has deployed a new emergency and inheritance contact function as part of its June 12 update, allowing users to designate heirs who can claim their cryptographic assets if they die.
The update allows the platform to inform the emergency contact of a user after an extension of inactivity. This contact can then trigger an inheritance complaint.
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Crypto community highlights need for will function
X User Cryptobravehq praised Binance’s new emergency functionality, the calling “really thoughtful”. The user said that more than a billion dollars in cryptographic assets are not claimed each year due to premature deaths and a lack of appropriate mechanisms.
Other members of the community also welcomed the functionality but expressed their concerns about its limits. A user, UNISWAP12, said that Binance’s accounts have tokenized wealth and intangible value, such as articles, social presence and influence of the community.
“It is even more important for me than assets in cash,” he noted, offering the idea of transferring complete accounts to the heirs, similar to the way the telephone numbers can be transmitted.
Others have echoed the need for good successions planning in the web3. The user of X Ghazi described him as “reality that we cannot ignore”, while Binn praised the update as a step towards real decentralization, saying that users will feel more security knowing that their digital wealth can be transmitted.
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The need for a crypto
In 2023, lawyer based in Dubai, Irina Heaver, told Cintelegraph that many families are unable to recover assets after the death of a loved one, and urged the holders to discuss their crypto and officially include it in inheritance planning.
Heaver has said that most cryptographic investors are between 27 and 42 years old, a group without prioritizing end -of -life financial agreements. However, she said that the preparation of a will is the minimum measure that investors should take.
Hennessy said Wills must include detailed technical instructions on access to digital assets, not just to mention their existence.
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