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Passing on your crypto to your friends or family has been a worry to some, but an exchange claims that it has the solution.
When Bitcoin (BTC) traders pass away, their BTC may forever be lost within the blockchain if they havenât given anyone else access to their wallets. However, an exchange project wants to give crypto traders another option.Â
Back in 2020, a study showed that many crypto investors worry about what happens to their digital assets when they pass away. 89% of respondents expressed concerns on whether their assets would be given to family or friends after their demise.Â
In an interview with Cointelegraph, Jeetu Kataria, CEO of Digital Financial Exchange (DIFX), highlighted the importance of a way to pass crypto to loved ones in case of death. According to Kataria, DIFX has created a blockchain-based nomination program that allows users to choose âtrusted individuals, family and friends to be beneficiaries of their crypto walletsâ in case the wallet owner dies.
âCrypto is here to stay, and having this feature is necessary for securing the digital future. If you are an avid crypto trader like me, I am sure that the thought of who will inherit your crypto has come to mind.âÂ
The CEO also said that a blockchain-based system ensures that the legitimacy of beneficiaries is verified and not questioned. Compared to giving private keys and access credentials, Kataria believes that this is more efficient and secure.
While the feature may be favored by many, traders who prefer decentralization may not be as excited. However, Kataria believes that centralization is the âkey for mass adoption.â He also said:
âCentralization also puts a face and accountability for many of the projects in the crypto industry. This adds to the organization having consistency in its services and attracting more of the traditional financial markets.â
Related: What happens to your Bitcoin when you die?
DIFX revealed the feature along with a new corporate identity at the ongoing Crypto Expo Dubai. The program serves as a way for the exchange to attain its aim to be more consumer-centric. Kataria said that this is a way for the DIFX team to relieve clients of âpain pointsâ and apprehensions.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.