Former CEO Changpeng Zhao calls for crypto exchanges to add “will functions” allowing asset transfer to beneficiaries.
Industry experts estimate that over $1 billion in cryptocurrency goes unclaimed annually due to poor inheritance planning.
Changpeng Zhao, the former CEO of Binance, has encouraged cryptocurrency exchanges to introduce the inheritance capabilities of digital assets. The call is in response to the rising fears of billions of unclaimed crypto in the event of sudden death.
Zhao pointed out that death is an unavoidable fact that the crypto industry cannot overlook. He suggested that all platforms ought to come up with what he called “will functions” that would allow the distribution of assets to specific beneficiaries.
Binance Launches Emergency Contact
In its latest platform update in June, Binance introduced an emergency contact and inheritance feature. The option enables them to assign beneficiaries who will inherit crypto assets upon death.
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