Every year, over one billion dollars in crypto are lost due to unforeseen deaths. Binance has proposed a new functionality to simplify the transfer of assets after death.
Crypto and Asset Loss
Every year more than one billion dollars in cryptocurrencies disappear due to the absence of a designated heir. Unlike traditional finance, recovering access to crypto-assets without a private key is impossible. As CZ noted in a post on platform X, 'This is a topic people avoid, but the fact is, humans cannot live forever. Every platform should have a will function.'
Will Function: A New Web3 Standard
The functionality that Binance launched on June 12, 2025, allows users to designate beneficiaries with predefined shares of assets. However, as user @Uniswap12 pointed out, his account contains essential intangible assets, such as posts and followers, highlighting the need for a new approach to inheritance in Web3.
Inheritance of Digital Identities
The question of inheritance extends beyond wealth. As @Uniswap12 mentions, accounts are platforms of influence and recognition. They call for a solution that allows full transfer of the account to a designated heir. However, Web3, by its very nature, relies on non-transferable links, complicating the process of inheritance.
Preparing for the transfer of crypto assets and digital identities poses a significant challenge. The issue of inheritance requires collective efforts to shape new standards and approaches in the Web3 ecosystem.
