Coincover, the leading Cardiff-based cryptocurrency protection and insurance company announced their new product, Cryptocurrency Wills.
Providing a unique and dedicated solution to cryptocurrency estate planning, the product – which is a world-first – solves one of the key issues preventing cryptocurrency going mainstream: what happens to Bitcoin when you die?
Bitcoin is like no other asset; without a robust retrieval mechanism once it’s lost, it’s lost forever. It is estimated that around 4 million Bitcoins (worth around Thirty Billion Dollars,) have been lost as a result of people dying and without adequate plans in place.
Founded in 2018, Coincover – which counts the Government-owned national finance institution, Welsh Development Bank, as one of its early stage investors – is the only solution on the market to this problem. Coincover will help executors and beneficiaries retrieve cryptocurrency funds in the event of the owner’s death with its Cryptocurrency Will Kit.
David Janczewski, Co-Founder and CEO, Coincover, comments: “As Bitcoin becomes more mainstream and its value continues to increase, considering how to manage it as part of an estate planning exercise is becoming increasingly difficult. Many people don’t know that unlike physical assets which form part of an estate on death such as savings, property, pensions and investments, you can’t get at cryptocurrency, unless you have the key or password to it. There’s no bank manager to ask, and no one can break in for you. That’s why so many billion Bitcoins are lost when people die each year. Our Cryptocurrency Wills product meets this gap in the market.”
Along with BitGo, we act as the custodian of the back-up key and only the two together, in the event of a death, can unlock the wallet and retrieve the funds. So your loved ones can benefit from your cryptocurrency investment after you pass away”.
Steve Holt, Director of Angels Invest Wales (part of the Development Bank of Wales), adds: “Enabling anyone to be part of this exciting new cryptocurrency market in a secure, efficient and affordable manner means that Coincover will offer real peace of mind to individuals and companies. We are excited and proud to support Coincover, an innovative Welsh start-up in this exciting new market.”
How the Cryptocurrency Will Kit works
Coincover’s Cryptocurrency Will Kit can be brought from e-commerce giant Amazon as of today. The Kit contains information, a physical, stainless steel ID Card with a unique ID number (for you), and Notification Cards with ID numbers (for your loved ones or executor contacts).
The Cryptocurrency Will requires just three simple steps to set up:
- Answer some simple questions and register your ID on the wills.coincover.com website to activate your Cryptocurrency Will
- Secure your Bitcoin by setting up an online BitGo Cryptocurrency ‘wallet’ to store it in
- Distribute the Notification Cards provided in the Kit, to your executors and loved ones for safe keeping
When you die, your loved ones or your executor contacts Coincover, and gives the Unique ID number provided on the Notification Card, along with a death certificate corresponding to the deceased. Coincover will investigate and then retrieve the funds.