Jack Dorsey-led Block’s Bitkey crypto wallet launches inheritance feature
Crypto wallet Bitkey's new feature is expected to roll out next month and will be launched widely in January 2025.
Bitkey, the self-custody crypto wallet from Block Inc, founded by Jack Dorsey, has launched an inheritance feature on its platform to enhance control and privacy for its users.
The feature is set to roll out in December and launched widely in January 2025.
Bitkey hopes to disrupt the current landscape with the new offering that enables people who hold keys to their Bitcoin to have full control of their money. The company said that its inheritance ensures that the funds being held in a Bitkey wallet are transferred to a designated beneficiary after the passing of the owner.
“With this inheritance solution, we are offering customers a safe and simple way for them to pass their assets onto the next generation," said Jason Karsh, Business Lead for Bitkey, in a statement. "Bitcoin is a multi-generational asset, and we think Bitkey should be multi-generational, too. We designed inheritance to be simple for beneficiaries to transfer, access, and manage their inheritance when the time comes.”
Bitkey’s inheritance feature will be initially clubbed with the purchase of Bitkey hardware devices. To set up the feature, the owner can invite a beneficiary through the Bitkey app. Once accepted, the inheritance plan will be created.
The company also added that to protect against any fraudulent claim, it has put in a six-month waiting period that must be completed before a beneficiary can access these funds.
Introduced by US-based Block, Bitkey is a self-custody Bitcoin wallet that can be accessed through a mobile app, a hardware device, and a set of recovery tools.
In 2023, the company entered the Indian market with Bitkey.
Edited by Kanishk Singh