New Web3 Wallet Introduces Decentralized Crypto Inheritance

September 03, 2024 02:23 PM AEST | By Team Kalkine Media

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New Web3 Wallet Introduces Decentralized Crypto Inheritance — Image source: shutterstock

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UBD Network has announced the launch of DeTrust Wallet, a groundbreaking Web3 wallet designed to facilitate complex cryptocurrency inheritance plans. This new multisignature crypto wallet offers advanced features such as delayed asset transfers and customized inheritance solutions, addressing a significant gap in digital asset management.

According to Ruslan Tugushev, CEO of UBD Network, DeTrust Wallet aims to simplify the process of {crypto} inheritance directly within its interface. The relevance of this development is underscored by a recent Penguin Analytics survey, which revealed that nearly half of high-net-worth families expressed concerns about the inheritance of their capital and assets. The survey, conducted with 13,500 families possessing substantial wealth, highlights a growing need for robust digital inheritance solutions.

DeTrust Wallet introduces decentralized trusts, which automate the transfer of assets to a designated backup wallet after a specified period of inactivity. This mechanism safeguards against potential loss due to unforeseen circumstances such as death, human error, or hardware failure. These decentralized solutions offer a cost-effective alternative to traditional trusts, which can be significantly more expensive to establish.

The wallet will serve as a digital trust fund, allowing users to configure intricate inheritance plans. These plans can include detailed instructions for asset distribution and spending, ensuring that wealth is effectively managed and passed on through generations. Additionally, DeTrust Wallet provides functionality for creating specialized inheritance funds, which can be allocated for specific purposes as predetermined by the user.

Nik Zhukov, business assistant to the CEO at UBD Network, highlighted that the DeTrust Wallet's advanced features come in response to the need for more sophisticated inheritance tools in the cryptocurrency space. This development follows the recent introduction of Coinbase's smart cryptocurrency wallet, which focuses on user-friendly features for broader adoption.

The launch of DeTrust Wallet represents a significant advancement in the integration of inheritance planning within the digital asset domain, reflecting a growing trend towards more comprehensive and accessible crypto management solutions.

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