The recent passing of Matthew Mellon, a banking heir and Cryptocurrency billionaire is cause for thought in securing digital assets and having a succession plan in place.
Without diving too deeply into the story surrounding Mellon's death in Cancun, Mexico, his family members and heirs believe that hundreds of millions of dollars of Ripple Cryptocurrency are missing and perhaps even lost forever. Before his passing, he told friends he had several secret accounts that only he could identify. Additionally, he hid access codes to the accounts at several undisclosed bank vaults across the United States.
Without a clear succession plan in place, and no written instructions on how these assets get managed, his remaining XRM assets exist on the Blockchain with no easy way to identify or access them.
Protect Your Digital Assets
While many people don't hold hundreds of millions of dollars worth of Ripple or other digital assets, a succession plan that's complete with details on how to access these resources is a significant detail that shouldn't get overlooked.
The Safe Haven Project seeks to help cryptocurrency investors and enthusiasts pass their digital assets to their heirs by combining the use of Smart Contracts and Blockchain technology to transfer to individuals or Organizations of their choosing.
Instead of leaving the fate of wallet holdings to the ether, as could potentially be the case with Matthew Mellon's accounts and wallets, the Safe Haven project aims to protect digital assets. Private Keys, Passphrases, and Seeds that are shareable with business stakeholders, partners, spouses, and children securely and transparently.
Business Succession
These days, numerous types of business and organizations use digital assets in their daily operations. Losing access to associated accounts and keys that hold digital asset could threaten the existence of the corporation or Organization. Safe Haven offers a unique service to provide financial continuity if a key staff member or executive passes away.
The Need For Safeguarding Digital Assets Will Only Grow
As more people become interested in Cryptocurrency, it isn't uncommon for developers, investors, traders, and enthusiasts to amass an extensive portfolio of various wallets, tokens, coins, and other digital assets. Having a streamlined solution for managing all of these resources from one place removes the obstacle of needing passwords, secret keys, wallet addresses, and public keys to access the information. Safe Haven issues a Smart Contract that, once executed, transfers digital assets to the proper parties. As a central repository for this crucial information, the chance of losing funds due to lost wallets and data gets decreased significantly.
Secure All Login Information
Additionally, Safe Haven users will get access to a secure vault that can get used to store Usernames and Passwords for all websites and their accounts. (For people who have issues with remembering passwords, this vault could prove helpful long before having to bequeath the account to someone else.)
Regardless of how large or small your stake is in Cryptocurrency, having a succession plan in place increases the chances for creating generational wealth. Failure to do so leaves these assets left behind or lost on the Blockchain, potentially forever.
