Binance founder Changpeng Zhao has called for cryptocurrency platforms to implement inheritance functions, allowing users to pass on their digital assets in case of death.
Call for Asset Inheritance
Changpeng Zhao has urged the implementation of inheritance functions on cryptocurrency exchanges, enabling users to transfer their assets after death. He stated on social media that every platform should have inheritance features that allow assets of deceased users to be passed to designated accounts in specified proportions. Binance also launched its emergency contact and inheritance feature as part of a June 12 update.
Growing Market for Crypto Inheritance
Research from Vault12 estimates that $6 trillion in cryptocurrency assets will be inherited over the next 20 years as part of an $84 trillion wealth transfer from older generations to younger ones. According to Coin Bureau, about 20% of all Bitcoin tokens remain lost and unrecoverable after owners pass away, indicating the need for better inheritance planning.
Acceleration of Digital Asset Integration in Financial Institutions
Traditional financial institutions are continuing to expand their cryptocurrency offerings. Research indicates that 75% of them plan to enhance their digital asset activities within the next two years. Major financial players such as BlackRock and Fidelity have significantly increased their cryptocurrency product offerings.
The push for inheritance functions across cryptocurrency platforms highlights the need for long-term asset planning amid the growing interest in cryptocurrencies and the necessity to protect digital legacies.
