Has it ever bothered you what happens to your digital assets in your wallet when you’re gone, will friends and family be able to get access to your assets or is it gone? Owned by the CEX or inaccessible from your non-custodial wallets? Let’s find out together.
With increasing adoption for cryptocurrency over fiats which the world is used to, investors often get worried about what happens to their digital assets when they are gone. In 2020, a study by the Cremation Institute showed that nearly 90% of crypto holders worry about what happens to their assets when they are gone. — Coin telegraph.
Cryptocurrencies are backed by a secured blockchain network that makes hacking wallets practically impossible except in rare cases which can be attributed to negligence on security. So family, friends, or next of kin hacking wallets of their deceased is practically impossible. Nevertheless, let’s explore other ways through which assets can be transferred.
There are different ways to store assets including holding on custodial and non-custodial wallets, there are different ways to transfer your assets based on your decisions. You can share your exchange login details with your chosen person or by sharing your private keys while you’re alive with them. Most centralized exchanges don’t have a policy that transfers assets to the next of kin of the deceased of assets stored on their platforms even after years of inactivity.
The AFRIDEX model helps people include their next of kin in a secure and easy process. AFRIDEX Exchange allows users to include details of the next of kin which is monitored while they are alive. The next of kin will be contacted after a long period of inactivity in the user’s wallet with active assets. After a year of inactivity, the sole owner of the wallets is contacted to ensure the wallet is still active. In case of no response, an email is then sent to the next of kin to confirm the status of the owner after another six months.
Assets are released to the next of kin after due diligence has been done and all required and necessary documents submitted to prove the status of the sole owner of the wallet. The owner of the wallet is then reached out to in another period to confirm their status for the second time before access to the wallet is granted to the next of kin. The AFRIDEX model helps the process of transferring assets to choose persons secured and seamless while keeping total control of the security of your assets while alive without fear of sabotage from people with access to your wallet.
AFRIDEX Exchange is a blockchain-backed cryptocurrency asset exchange that is poised at redefining the financial sector by creating novel and unique trading features that will create interconnectivity among individuals and corporate organizations. The AFRIDEX Exchange set to be live in about eight weeks amidst other use cases will help businesses and startups tokenize their businesses and innovations.