Binance founder Changpeng 'CZ' Zhao proposed the implementation of a will function on crypto platforms to ensure the allocation of users' digital assets after their passing.
The Need for a Will Function
CZ discussed a typically avoided topic and emphasized: “Humans are not immortal.” He added that every platform should enable a ‘will function’ so that when a person is no longer present, their assets are allocated to designated accounts as specified.
Binance Updates
CZ’s plea came after Binance introduced a new emergency contact and inheritance feature in its update on June 12, allowing users to assign beneficiaries who could claim their crypto assets upon their demise.
Community Opinions
User CryptobraveHQ from X appreciated Binance’s initiative, labeling it “extremely considerate.” They mentioned that over a billion dollars in crypto assets remain unclaimed yearly due to unexpected fatalities and insufficient mechanisms. While the community applauded the move, some expressed concerns regarding its limits. For instance, user Uniswap12 highlighted that Binance accounts embody tokenized wealth and non-tangible assets.
Various community voices have echoed the necessity for meticulous inheritance arrangements in Web3. In 2023, Dubai-based lawyer Irina Heaver stressed the importance of discussing one’s crypto holdings and formally integrating them into estate planning.
