Bitkey Launches an Inheritance Feature for Seamless Legacy Bitcoin Transfers
Block's (NYSE: SQ) self-custody wallet Bitkey announced the launch of an inheritance feature, rolling out next month and widely available in January 2025. The feature enables customers to securely transfer their bitcoin to designated beneficiaries after their passing. The inheritance plan will be included with every Bitkey hardware device purchase, including existing customers.
The process involves benefactors sending invitations through the Bitkey app. Beneficiaries can't view or access the wallet until claiming inheritance, followed by a six-month waiting period with regular alerts to prevent fraudulent claims. Initially, the solution will be to one beneficiary and require them to set up a Bitkey wallet.
Il wallet di autogestione di Block (NYSE: SQ), Bitkey, ha annunciato il lancio di una funzione di eredit脿, che sar脿 disponibile il mese prossimo e ampiamente accessibile da gennaio 2025. Questa funzione consente ai clienti di trasferire in modo sicuro il loro bitcoin a beneficiari designati dopo la loro scomparsa. Il piano di eredit脿 sar脿 incluso con ogni acquisto di un dispositivo hardware Bitkey, compresi i clienti esistenti.
Il processo prevede che i beneficiari inviino inviti tramite l'app Bitkey. I beneficiari non possono visualizzare o accedere al wallet fino a quando non rivendicano l'eredit脿, seguita da un periodo di attesa di sei mesi con avvisi regolari per prevenire pretese fraudolente. Inizialmente, la soluzione sar脿 limitata a un beneficiario e richieder脿 che quest'ultimo configuri un wallet Bitkey.
La billetera de autogesti贸n de Block (NYSE: SQ), Bitkey, ha anunciado el lanzamiento de una funci贸n de herencia, que se implementar谩 el pr贸ximo mes y estar谩 ampliamente disponible en enero de 2025. Esta funci贸n permite a los clientes transferir de manera segura su bitcoin a beneficiarios designados tras su fallecimiento. El plan de herencia se incluir谩 con cada compra de un dispositivo de hardware Bitkey, incluidas las de clientes existentes.
El proceso implica que los benefactores env铆en invitaciones a trav茅s de la aplicaci贸n Bitkey. Los beneficiarios no pueden ver ni acceder a la billetera hasta que reclamen la herencia, seguido de un periodo de espera de seis meses con alertas regulares para prevenir reclamaciones fraudulentas. Al principio, la soluci贸n estar谩 limitada a un beneficiario y requerir谩 que este establezca una billetera Bitkey.
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Le portefeuille de conservation autonome de Block (NYSE: SQ), Bitkey, a annonc茅 le lancement d'une fonctionnalit茅 d'h茅ritage, qui sera mise en place le mois prochain et largement disponible en janvier 2025. Cette fonctionnalit茅 permet aux clients de transf茅rer en toute s茅curit茅 leur bitcoin 脿 des b茅n茅ficiaires d茅sign茅s apr猫s leur d茅c猫s. Le plan d'h茅ritage sera inclus avec chaque achat d'appareil mat茅riel Bitkey, y compris pour les clients existants.
Le processus implique que les bienfaiteurs envoient des invitations via l'application Bitkey. Les b茅n茅ficiaires ne peuvent pas voir ni acc茅der au portefeuille jusqu'脿 ce qu'ils r茅clament l'h茅ritage, suivis d'une p茅riode d'attente de six mois avec des alertes r茅guli猫res pour pr茅venir les r茅clamations frauduleuses. Dans un premier temps, la solution sera limit茅e 脿 un b茅n茅ficiaire et n茅cessitera qu'il configure un portefeuille Bitkey.
Die Selbstverwahrungs-Wallet von Block (NYSE: SQ), Bitkey, hat die Einf眉hrung einer Erbschaftsfunktion angek眉ndigt, die n盲chsten Monat gestartet wird und ab Januar 2025 allgemein verf眉gbar sein wird. Diese Funktion erm枚glicht es Kunden, ihr Bitcoin sicher an benannte Beg眉nstigte nach ihrem Ableben zu 眉bertragen. Der Erbschaftsplan wird mit jedem Kauf eines Bitkey-Hardwareger盲ts, einschlie脽lich bestehender Kunden, angeboten.
Der Prozess beinhaltet, dass Beg眉nstigte Einladungen 眉ber die Bitkey-App senden. Beg眉nstigte k枚nnen die Wallet nicht einsehen oder darauf zugreifen, bis sie die Erbschaft beantragen, gefolgt von einer sechsmonatigen Wartezeit mit regelm盲脽igen Warnungen, um betr眉gerische Anspr眉che zu verhindern. Zun盲chst wird die L枚sung auf einen Beg眉nstigten beschr盲nkt sein und erfordert, dass dieser ein Bitkey-Wallet einrichtet.
- New inheritance feature adds value to existing Bitkey product line
- Feature included at no additional cost for all hardware device purchases
- Recognition in TIME's 'Best 2024 Inventions' list enhances product credibility
- to only one beneficiary in initial release
- Requires beneficiaries to purchase Bitkey hardware device
- Six-month waiting period may be considered lengthy for fund access
Insights
The launch of Bitkey's inheritance feature represents an incremental improvement in Block's cryptocurrency infrastructure but has minimal immediate financial impact. While innovative, addressing a genuine pain point in crypto self-custody, this feature is primarily a long-term strategic move to enhance Block's competitive position in the crypto wallet space.
The six-month waiting period for inheritance claims and the single-beneficiary limitation show a conservative approach to security, though this may initially restrict adoption. The feature's inclusion in TIME's 'Best 2024 Inventions' list adds credibility, but the delayed full rollout until January 2025 means any material business impact is distant.
For Block (SQ), this development strengthens their crypto ecosystem but is unlikely to significantly affect near-term revenue or stock performance. The true value proposition lies in potentially increasing customer lock-in and expanding the user base for their broader crypto services.
鈼� This new feature will start to roll out next month and will launch widely in January 2025
鈼� Bitkey Inheritance enhances control and privacy for Bitkey customers for generations until the very end: wallet owners have the ability to change their beneficiary selection at any time.
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Bitkey hardware device (Photo: Business Wire)
"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. "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.鈥�
How Bitkey鈥檚 inheritance works
To set up inheritance, a Bitkey customer, or benefactor, can invite a beneficiary by initiating a message through the Bitkey app, which provides them with an invite link. As soon as the beneficiary accepts the invitation, the inheritance plan will be created. Beneficiaries can be removed or updated at any time by the benefactor, and will have no information about the amount of Bitcoin they are inheriting 鈥� as they are not able to view, access or control their benefactor鈥檚 Bitkey wallet.
A beneficiary can initiate an inheritance claim at any time. To protect against an accidental or fraudulent claim, there is a six month waiting period that must successfully complete before a beneficiary can access the funds in their benefactor鈥檚 Bitkey wallet. During this time, Bitkey will send benefactors regular alerts and notifications letting them know that a claim has been started. This provides them with an opportunity to cancel it before the waiting period ends. Initially, the inheritance solution will be limited to one beneficiary and require beneficiaries to set up a Bitkey wallet, which includes the hardware device and the app. To learn more about how the inheritance process works, visit .
Bitkey was created to widen access to self-custody and to empower people around the world to truly manage their bitcoin in a way that鈥檚 simple and secure. It was designed around the idea that simplicity is the best security, meaning no long passwords that are difficult to manage and easy to lose, a simple onboarding process, and a product that works (read more about the latest product and security updates in this ). Bitkey has recently been included in TIME鈥檚 鈥楤est 2024 Inventions' list, in the category of Privacy & Security, among a select group of groundbreaking products that are setting the tone for the future and making the world better, smarter, and more inclusive.
About Bitkey
Bitkey is a self-custody bitcoin wallet with three parts 鈥� a mobile app to make transactions easily on the phone, a hardware device to protect savings securely offline, and a set of recovery tools in case customers lose their phone, hardware, or both. As an innovative multi-signature self-custody wallet, Bitkey provides recovery tools that give customers multiple ways to recover their money, so they can take their bitcoin off exchanges and truly own and control it themselves, without the anxiety of guarding a long complex seed phrase. Bitkey is built by Block, Inc. and it was designed around the idea that simplicity is the best security. Its mission is to widen access to self-custody and to empower people around the world to truly manage their bitcoin easily and safely. Find out more at .
About Block
Block, Inc. (NYSE: SQ) (formerly, Square, Inc.) is a global technology company with a focus on financial services. Made up of Square, Cash App, and TIDAL, we build tools to help more people access the economy. Square makes commerce and financial services easy and accessible for sellers with its integrated ecosystem of technology solutions. With Cash App, anyone can easily send, spend, or invest their money in stocks or bitcoin. Afterpay brings Square and Cash App together, connecting consumers and businesses. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans.
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Media Contact: press@block.xyz
Source: Block, Inc.
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