UBD Network is introducing a new Web3 wallet that makes decentralized cryptocurrency inheritance possible.
The multifunctional blockchain protocol has announced the launch of DeTrust Wallet, a multi-signature crypto wallet that enables more complex functions, such as delayed asset transfer capacities.
Notably, DeTrust Wallet is making crypto inheritance possible directly within its interface, according to Ruslan Tugushev, the CEO of UBD Network. He told Cointelegraph:
“Decentralized trusts are here, and I believe they can provide an efficient, secure, and hassle-free way for crypto inheritance at a fraction of the costs of traditional solutions.”
The inheritance solution’s relevance is highlighted by a Penguin Analytics survey, which found that 48% of capital founders for high-net-worth families were concerned that their families wouldn’t be able to inherit their capital and assets.
The survey was conducted on 13,500 high-net-worth families with up to $100 million in capital.
DeTrust Cryptocurrency wallet. Source: UBD Network
Decentralized trusts are making crypto inheritance possible
Decentralized trusts execute automatic asset recovery transactions to a pre-determined backup wallet, after a certain period of inactivity, to prevent the risk of permanent loss via decess, human error, or hardware failure.
These self-custodial solutions come at a fraction of the cost of traditional trusts and will become a significant element of the crypto inheritance niche, according to Tugushev, who added:
“Decentralized trusts will gradually become significant players in the inheritance market as more people start to realize how efficient and attractive they are for passing on crypto wealth to heirs compared to legacy solutions.”
Creating a traditional trust in the legacy financial system can cost over $50,000, which is why crypto-based inheritance solutions could gain prominence, added UBD Network’s CEO.
DeTrust Wallet: Digital trust fund with complex inheritance plans
DeTrust Wallet will function as a digital trust fund, allowing users to set up inheritance plans, including detailed scenarios on the distribution and future spending of their assets, to ensure that their wealth is securely passed on throughout generations.
The wallet will also enable investors to create separate inheritance funds, which can only be spent for pre-determined allocations, according to Nik Zhukov, business assistant of the CEO at UBD Network. He told Cointelegraph:
“People can create an inheritance plan for specific purposes. For example, if I want my son to spend this money on education…”
Nik Zhukov, interview with Cointelegraph’s Zoltan Vardai. Source: YouTube
The advanced wallet solution comes nearly three months after Coinbase exchange introduced its smart cryptocurrency wallet, with more beginner-friendly features, aiming to bolster mass adoption.
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