A few months after Casa unveiled its Covenant service – a solution that allows Bitcoin holders to securely pass on their digital assets to an heir before death, the leading provider of Bitcoin multi-sign key security has now made the solution available for Diamond clients.
Casa made the announcement today following its 2020 commitment to ensuring that securing the popular cryptocurrency becomes easy, anxiety-free, and continually provides answers to the ultimate questions asked by Bitcoin holders regarding “what would happen to their bitcoins when they die?”
In the early days of cryptocurrencies, Bitcoin holders believe that in a case where the token owner dies without revealing his wallet’s password, the user’s heir is faced with the problem of not able to gain access to the deceased assets.
On the other hand, when a Bitcoin holder shares detailed recovery instruction with an heir, it could expose the tokens to potential loss via theft even before the death of the Bitcoin holder.
However, the Casa Covenant service for Diamond clients is introduced to solve these issues. The Diamond Covenant service functions as the Platinum package, where users would be required to obtain a 3-of-5 multisig shield, with an additional two keys.
Out of the five keys, Casa noted that three would be stored on hardware wallets at different locations, one will be held on a smartphone device, while the last key would be stored in Casa’s reserve in the event of emergencies or loss of both keys.
In the event of providing answers to the big “inheritance” question, Casa stated that it would allow users to have an optional sixth key to the required 3-of-5 Key Shield.
In this situation, the user can give the sixth key to either their estate attorney or store it in a Safe Deposit Box, where the attorney can only access it after providing the owner’s proof-of-death.
When the Bitcoin holder eventually passes away, the user’s heir can choose to use one out of Casa’s recovery options such as Casa recovery key, inheritance key, or safe deposit key to recovering the funds.
Notably, Casa has confirmed that the solution will still be under development until it finally settles for a more robust inheritance solution that will “protect against many of the hazards in their threat model.”