Context for Chatgpt: The Crypto Binance Exchange platform was founded by ChangPeng Zhao, commonly called CZ. After legal problems in the United States, CZ was forced to resign from its position as the CEO in 2023, but it is still an eager supporter of crypto as projects on its platform.
Binance users can now indicate emergency contacts and heirs to their crypto funds and mark great progress in the management of one of the most delicate but essential objects in industry: the inheritance of digital assets.
Binance starts crypto
The new feature, deployed during the June 12 platform update, allows users to set the inheritance process to refer their resources. Thus, determined recipients can claim assets in the event of a user death.
ChangPeng Zhao, founder and former CEO of Binance, publicly supported this initiative and encouraged the rest of the industry to follow this example.
“This is an object that people avoid, but the fact is that people cannot live forever (…), every platform should have the” will “, so if someone leaves us, their assets can be distributed in accounts determined by the specified dimensions,” published CZ on X.
The crypto of the sector has been laughing at the standardized mechanism for years to handle the inheritance of the deceased holders, with billions of dollars to remain in uncertain emptiness.
“(…) Every year people from around the world die in accidents and more than a billion dollars in crypto assets will inherit centralized stock exchanges,” the Web3 community said.
The post mentions many stock exchanges who gain considerable wealth thanks to the sleeping accounts that users died without informing their families or leaving access instructions.
This new Binance function allows users to apply for an inheritance and ensure that their heirs receive the assets they leave.
Users have positively received messages and acknowledged them as a “very necessary” function. Depending on the general feeling, the platforms must set the mechanism suitable for the inheritance crypt.
Others, however, expressed some disappointment and claimed that this function is not far enough. The user significantly underlined the intangible value associated with the identity of the user’s account whose subscribers, published content and type tokens of the “soul” (SBT) type cannot be converted.
“Personally, I think that the most perfect way to inherit inheritance is to transfer the entire account to your heir (…) the same applies to the inheritance and transfer of real estate.
A function that is in line with the ethics of the decentralization of the crypt
The new Binance function also solves a greater problem of confidence in crypto. Indeed, users have emphasized that the testament or inheritance features are a real decentralization because banks rarely release the deceased assets.
“People can store value with confidence in platforms as soon as they know it is portable when they are no longer there,” added another user.
Cz also noted that the current regulation should change in order to adapt to this change. More specifically, regulatory executives should allow cryptomators to be minor accounts that can receive funds but with restrictions on trading.
“The regulatory executives should also allow minors (they can be limited in trading, but should be entitled to receive funds),” said CZ.
Such an initiative would indicate a crypto On the same level as traditional finance (traditional) where parents or lecturers manage the administrators fund for their recipients until they reach a certain age or certain phase of their life.
So, while Binance is one of the first main exchanges to implement the integrated crypto solution of inheritance, community members call on other platforms to follow this step quickly.
In an area where billions of dollars can disappear with the death of a private key holder, the Binance initiative reminds us that the future of the crypt depends very much on innovation and predictability.
Morality of History: Krypto holder who knew how to maintain, always refers to his heir.
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