Bitkey Launches an Inheritance Feature for Seamless Legacy Bitcoin Transfers
Block's (NYSE: SQ) self-custody wallet Bitkey announced the launch of an inheritance feature, rolling out next month and widely available in January 2025. The feature enables customers to securely transfer their bitcoin to designated beneficiaries after their passing. The inheritance plan will be included with every Bitkey hardware device purchase, including existing customers.
The process involves benefactors sending invitations through the Bitkey app. Beneficiaries can't view or access the wallet until claiming inheritance, followed by a six-month waiting period with regular alerts to prevent fraudulent claims. Initially, the solution will be to one beneficiary and require them to set up a Bitkey wallet.
Il wallet di autogestione di Block (NYSE: SQ), Bitkey, ha annunciato il lancio di una funzione di eredità, che sarà disponibile il mese prossimo e ampiamente accessibile da gennaio 2025. Questa funzione consente ai clienti di trasferire in modo sicuro il loro bitcoin a beneficiari designati dopo la loro scomparsa. Il piano di eredità sarà incluso con ogni acquisto di un dispositivo hardware Bitkey, compresi i clienti esistenti.
Il processo prevede che i beneficiari inviino inviti tramite l'app Bitkey. I beneficiari non possono visualizzare o accedere al wallet fino a quando non rivendicano l'eredità, seguita da un periodo di attesa di sei mesi con avvisi regolari per prevenire pretese fraudolente. Inizialmente, la soluzione sarà limitata a un beneficiario e richiederà che quest'ultimo configuri un wallet Bitkey.
La billetera de autogestión de Block (NYSE: SQ), Bitkey, ha anunciado el lanzamiento de una función de herencia, que se implementará el próximo mes y estará ampliamente disponible en enero de 2025. Esta función permite a los clientes transferir de manera segura su bitcoin a beneficiarios designados tras su fallecimiento. El plan de herencia se incluirá con cada compra de un dispositivo de hardware Bitkey, incluidas las de clientes existentes.
El proceso implica que los benefactores envíen invitaciones a través de la aplicación Bitkey. Los beneficiarios no pueden ver ni acceder a la billetera hasta que reclamen la herencia, seguido de un periodo de espera de seis meses con alertas regulares para prevenir reclamaciones fraudulentas. Al principio, la solución estará limitada a un beneficiario y requerirá que este establezca una billetera Bitkey.
블록의 자가 관리 지갑 (NYSE: SQ), 비트키(BiKey)는 유산 기능을 출시한다고 발표했으며, 다음 달부터 시작되어 2025년 1월에는 널리 사용 가능할 것입니다. 이 기능은 고객이 사망 후 지정된 수혜자에게 비트코인을 안전하게 이전할 수 있도록 합니다. 유산 계획은 모든 비트키 하드웨어 장치 구매 시 포함되며, 기존 고객도 포함됩니다.
이 과정은 기부자가 비트키 앱을 통해 초대를 보내는 방식으로 진행됩니다. 수혜자는 유산을 청구할 때까지 지갑을 보거나 접근할 수 없으며, 부정한 청구를 방지하기 위해 정기적인 알림이 있는 6개월의 대기 기간이 있습니다. 처음에는 한 수혜자에게만 적용되며, 수혜자는 비트키 지갑을 설정해야 합니다.
Le portefeuille de conservation autonome de Block (NYSE: SQ), Bitkey, a annoncé le lancement d'une fonctionnalité d'héritage, qui sera mise en place le mois prochain et largement disponible en janvier 2025. Cette fonctionnalité permet aux clients de transférer en toute sécurité leur bitcoin à des bénéficiaires désignés après leur décès. Le plan d'héritage sera inclus avec chaque achat d'appareil matériel Bitkey, y compris pour les clients existants.
Le processus implique que les bienfaiteurs envoient des invitations via l'application Bitkey. Les bénéficiaires ne peuvent pas voir ni accéder au portefeuille jusqu'à ce qu'ils réclament l'héritage, suivis d'une période d'attente de six mois avec des alertes régulières pour prévenir les réclamations frauduleuses. Dans un premier temps, la solution sera limitée à un bénéficiaire et nécessitera qu'il configure un portefeuille Bitkey.
Die Selbstverwahrungs-Wallet von Block (NYSE: SQ), Bitkey, hat die Einführung einer Erbschaftsfunktion angekündigt, die nächsten Monat gestartet wird und ab Januar 2025 allgemein verfügbar sein wird. Diese Funktion ermöglicht es Kunden, ihr Bitcoin sicher an benannte Begünstigte nach ihrem Ableben zu übertragen. Der Erbschaftsplan wird mit jedem Kauf eines Bitkey-Hardwaregeräts, einschließlich bestehender Kunden, angeboten.
Der Prozess beinhaltet, dass Begünstigte Einladungen über die Bitkey-App senden. Begünstigte können die Wallet nicht einsehen oder darauf zugreifen, bis sie die Erbschaft beantragen, gefolgt von einer sechsmonatigen Wartezeit mit regelmäßigen Warnungen, um betrügerische Ansprüche zu verhindern. Zunächst wird die Lösung auf einen Begünstigten beschränkt sein und erfordert, dass dieser ein Bitkey-Wallet einrichtet.
- New inheritance feature adds value to existing Bitkey product line
- Feature included at no additional cost for all hardware device purchases
- Recognition in TIME's 'Best 2024 Inventions' list enhances product credibility
- to only one beneficiary in initial release
- Requires beneficiaries to purchase Bitkey hardware device
- Six-month waiting period may be considered lengthy for fund access
Insights
The launch of Bitkey's inheritance feature represents an incremental improvement in Block's cryptocurrency infrastructure but has minimal immediate financial impact. While innovative, addressing a genuine pain point in crypto self-custody, this feature is primarily a long-term strategic move to enhance Block's competitive position in the crypto wallet space.
The six-month waiting period for inheritance claims and the single-beneficiary limitation show a conservative approach to security, though this may initially restrict adoption. The feature's inclusion in TIME's 'Best 2024 Inventions' list adds credibility, but the delayed full rollout until January 2025 means any material business impact is distant.
For Block (SQ), this development strengthens their crypto ecosystem but is unlikely to significantly affect near-term revenue or stock performance. The true value proposition lies in potentially increasing customer lock-in and expanding the user base for their broader crypto services.
● This new feature will start to roll out next month and will launch widely in January 2025
● Bitkey Inheritance enhances control and privacy for Bitkey customers for generations until the very end: wallet owners have the ability to change their beneficiary selection at any time.
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Bitkey hardware device (Photo: Business Wire)
"With this inheritance solution, we are offering customers a safe and simple way for them to pass their assets onto the next generation," said Jason Karsh, Business Lead for Bitkey. "Bitcoin is a multi-generational asset, and we think Bitkey should be multi-generational, too. We designed inheritance to be simple for beneficiaries to transfer, access, and manage their inheritance when the time comes.”
How Bitkey’s inheritance works
To set up inheritance, a Bitkey customer, or benefactor, can invite a beneficiary by initiating a message through the Bitkey app, which provides them with an invite link. As soon as the beneficiary accepts the invitation, the inheritance plan will be created. Beneficiaries can be removed or updated at any time by the benefactor, and will have no information about the amount of Bitcoin they are inheriting — as they are not able to view, access or control their benefactor’s Bitkey wallet.
A beneficiary can initiate an inheritance claim at any time. To protect against an accidental or fraudulent claim, there is a six month waiting period that must successfully complete before a beneficiary can access the funds in their benefactor’s Bitkey wallet. During this time, Bitkey will send benefactors regular alerts and notifications letting them know that a claim has been started. This provides them with an opportunity to cancel it before the waiting period ends. Initially, the inheritance solution will be limited to one beneficiary and require beneficiaries to set up a Bitkey wallet, which includes the hardware device and the app. To learn more about how the inheritance process works, visit the Bitkey help center.
Bitkey was created to widen access to self-custody and to empower people around the world to truly manage their bitcoin in a way that’s simple and secure. It was designed around the idea that simplicity is the best security, meaning no long passwords that are difficult to manage and easy to lose, a simple onboarding process, and a product that works (read more about the latest product and security updates in this blog post). Bitkey has recently been included in TIME’s ‘Best 2024 Inventions' list, in the category of Privacy & Security, among a select group of groundbreaking products that are setting the tone for the future and making the world better, smarter, and more inclusive.
About Bitkey
Bitkey is a self-custody bitcoin wallet with three parts — a mobile app to make transactions easily on the phone, a hardware device to protect savings securely offline, and a set of recovery tools in case customers lose their phone, hardware, or both. As an innovative multi-signature self-custody wallet, Bitkey provides recovery tools that give customers multiple ways to recover their money, so they can take their bitcoin off exchanges and truly own and control it themselves, without the anxiety of guarding a long complex seed phrase. Bitkey is built by Block, Inc. and it was designed around the idea that simplicity is the best security. Its mission is to widen access to self-custody and to empower people around the world to truly manage their bitcoin easily and safely. Find out more at bitkey.world.
About Block
Block, Inc. (NYSE: SQ) (formerly, Square, Inc.) is a global technology company with a focus on financial services. Made up of Square, Cash App, and TIDAL, we build tools to help more people access the economy. Square makes commerce and financial services easy and accessible for sellers with its integrated ecosystem of technology solutions. With Cash App, anyone can easily send, spend, or invest their money in stocks or bitcoin. Afterpay brings Square and Cash App together, connecting consumers and businesses. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241118370113/en/
Media Contact: press@block.xyz
Source: Block, Inc.
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