The company urges crypto users to take sole possession of their wallet's private keys following a crypto billionaire's warning.
NEW YORK, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Legacy Suite, a leading provider of digital asset preservation services, is urging users to take ownership of their digital assets, announcing that its platform is equipped to facilitate self-custody and ensure estate planning is inclusive of both physical and digital assets, allowing the probate process to proceed in accordance with the owner's original intent.
During a Binance-run Twitter Spaces on Dec. 14, 2022, Binance CEO Changpeng 'CZ Zhao urged caution to users utilizing self-custody wallets, warning that in most cases, private keys are improperly secured. Although the billionaire CEO has advocated for self-custody for years, even stating that self-custody is a 'fundamental human right,' he remarked during the Twitter Spaces that, "For most people, for 99% of people today, asking them to hold crypto on their own, they will end up losing it."
"I believe that digital assets are here to stay, but that we're still so early in the game that managing digital assets is still a cumbersome and complex process for the novice and average holders," said Gordon Bell, CEO of Legacy Suite. "Our suite of estate planning solutions is purpose-built to help people navigate the complexities of digital assets and their integration into the traditional probate process."
Self-custody refers to individuals holding and managing their own digital assets and cryptocurrencies without relying on a third-party custodian or intermediary. The process involves securing and controlling one's private keys or seed phrases, which are necessary to access and transfer digital assets.
Self-custody is regarded as the best way to maintain control and privacy over one's assets and reduce the risk of theft or loss due to third-party custodians being hacked, going bankrupt, or engaging in fraudulent activities. However, self-custody also comes with the responsibility of managing one's own security and being aware of the risks involved.
Legacy Suite's platform offers a full line of estate planning services:
- Legacy Suite™ - Design an end-of-life plan, document and secure life's most meaningful moments, and share it with future generations.
- Legal Suite - Legal Suite allows users to leave precise details following their passing and minimizes estate planning costs. In addition, users can make updates anytime and anywhere, safeguarding loved ones from the frustration, red tape, and stress of the aftermath.
- Financial Suite - Financial Suite makes adding, organizing, and assigning financial assets and liability accounts to beneficiaries quick, easy, and painless. An intuitive dashboard of net worth reporting, blockchain analytics, inventory of subscriptions, and financial reporting provides a comprehensive view of one's financial life.
- Digital Suite: Digital Suite accelerates the inheritance timeline for beneficiaries, placing the transfer process of your digital, crypto, and NFT assets on autopilot.
To learn about Legacy Suite and how to secure digital assets, please visit https://www.legacysuite.com.
About Legacy Suite
Legacy Suite is a complete end-to-end solution that provides first-class support for digital estate planning. Legacy Suite is a secure solution for crypto self-custody, which allows you to hold your own keys, set up directives, assign executors, and have peace of mind knowing that your digital assets will safely transfer to your next of kin. To learn more, visit www.legacysuite.com.
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Buse Kayar
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