Changpeng 'CZ' Zhao, the influential founder of Binance, has issued a public call for all cryptocurrency platforms to integrate a "will function," a feature designed to ensure the seamless transfer of digital assets to designated heirs after an owner's death. The proposal aims to tackle one of the longest-standing and most critical challenges in the crypto space: what happens to assets when the owner is no longer around.
In a statement posted on social media, CZ highlighted the massive and often permanent loss of funds that occurs when users pass away without leaving behind instructions or access to their private keys or accounts. It's estimated that billions of dollars in crypto have been rendered inaccessible for this reason. "This is a topic people avoid, but the fact is, humans cannot live forever yet," Zhao stated, emphasizing the need for a responsible, industry-wide solution. The proposed function would allow users to formally designate beneficiaries who could then undergo a verified process to claim the assets.
The call comes shortly after Binance itself implemented an enhanced inheritance feature, allowing users to name an emergency contact who can be notified after a prolonged period of inactivity to initiate an inheritance claim. CZ's advocacy for a universal standard suggests a push to make such features a core component of user protection and trust across all centralized exchanges. This move addresses a key barrier to mainstream adoption, as potential long-term investors are often concerned about the security and succession of their digital wealth.
While the proposal has been widely praised for its practicality, it also highlights the fundamental difference between holding assets on a centralized platform and in a self-custody wallet. A "will function" is a service that centralized entities can provide, contrasting with the absolute self-sovereignty of DeFi where the responsibility for succession planning lies solely with the individual user. Nonetheless, standardizing this process could represent a major step in maturing the digital asset industry and protecting the legacy of its users.
#CryptoInheritance #CZ #Binance #DigitalAssets #EstatePlanning #Crypto #Blockchain
