Binance founder Changpeng Zhao has urged cryptocurrency platforms to implement a will function that would allow users to distribute their digital assets upon death. This appeal comes as Binance introduces a new inheritance feature.
CZ's Call to Crypto Platforms
Changpeng Zhao, the founder of Binance, stated that crypto platforms should have a will function that allows users to allocate their digital assets after their death. "This is a topic people avoid, but the fact is, humans cannot live forever," CZ wrote on X.
Community Discussions
X user CryptobraveHQ praised Binance’s new emergency feature as "really thoughtful." They noted that over $1 billion in crypto assets go unclaimed each year due to untimely deaths. However, some users expressed concerns over the feature's limitations, highlighting the importance of transferring not just cash assets but also other values associated with accounts.
The Need for Crypto Wills
Dubai-based lawyer Irina Heaver pointed out that many families are left unable to access assets after a loved one passes, urging holders to discuss their cryptocurrency and formally include it in estate planning. She noted that most crypto investors are between 27 and 42 years old, a demographic unlikely to prioritize end-of-life financial arrangements. Heaver stressed that wills should include detailed instructions on accessing digital assets.
Changpeng Zhao's suggestion underscores the necessity for mechanisms that facilitate asset transfer in the cryptocurrency sector, which can enhance user security and confidence. As the crypto industry evolves, the development of appropriate inheritance tools becomes increasingly vital.
