Protecting Crypto Owners’ Assets for the Future

DGLegacy®, a service for digital legacy planning and digital inheritance, recently performed a poll that turned out the following alarming statistic: 89% of cryptocurrency owners are concerned about what would happen to their virtual money if something bad happened. The survey, which included 10,000 cryptocurrency users, provides light on the difficulties families encounter when trying to access and locate the cryptocurrency wallets of their loved ones.

The Problem: Inaccessibility of Crypto Wallets

Crypto owners emphasize keeping their wallets secure, but the problem is that if anything unexpected happens, their family members can’t access them. The wallet that contains the cryptocurrency windfall is sometimes unknown to family members. In other cases, they may be aware of the location of the cryptocurrency but lack the requisite information to gain access, keeping the money locked up and inaccessible indefinitely.

A Wider Issue: Abandoned Digital and Financial Assets

The issue affects a variety of digital and financial assets in addition to cryptocurrency. roughly 46 million abandoned financial accounts in New York alone contain roughly $17.5 billion, which is more than the entire state’s current population. These possessions include money in banks, money from insurance payouts, money from estates, stocks of the company, and mutual funds.

Estate Planning Falls Short

The main problem at hand—the identification, placement, and accessibility of assets by family members—is not addressed by conventional estate planning. As a result, funds from estate planning frequently join the rising number of abandoned assets that never make it to their intended heirs.

The Rise of Digital Inheritance Services

Digital inheritance services have evolved in response to this global issue to address the issue head-on. Family members could first share important information thanks to digital safes and password managers. Sharing was insufficient, though, because access information may be lost or forgotten.

Through proactive asset information exchange with authorized beneficiaries and the automatic detection of a tragic event, digital legacy planning and digital inheritance services provide a solution. These services offer a thorough method for protecting and moving digital and monetary assets.

Ana Mineva, CEO at DGLegacy®, emphasized the significance of digital legacy management services and commented, “Seeing this global pandemic of abandoned financial accounts and lost money, it’s not surprising that we’re seeing a massive increase in interest in using digital legacy management services to protect people’s financial assets.”