Renaissance Life and InDeFi SmartBank ensure crypto after death

Friday 12 November 2021 13:17 CET | News

Renaissance Life and InDeFi SmartBank have partnered to help crypto owners to gain access to their digital assets for technical (lost codes) or physiological reasons (the death of the owner).

The InDeFi SmartBank project envisages developing and rolling out a service that will confirm a client’s death and use that information to launch a mechanism for the inheritance of digital rights and assets.

According to the parties to the agreement, InDeFi SmartBank will take responsibility for developing smart contracts and launching inheritance procedures. This will help clients, in the event of their death, to transfer their digital assets to the beneficiaries specified by them. Renaissance Life, in turn, will be responsible for confirming the client’s death.

This collaboration between an insurance company and a Russian project in the DeFi technologies sector should solve one of the main problems facing the crypto industry today. At least 500 thousand people are expected to use this service in the 2022, as the press release says.

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Keywords: partnership, cryptocurrency, smart contracts, insurance
Categories: DeFi & Crypto & Web3
Countries: Russian Federation
This article is part of category

DeFi & Crypto & Web3