It has been over 10 years since the introduction of cryptocurrencies like BitCoin and its use in everyday transactions has been accepted by the general public.
To store their coins, users would need a virtual wallet; a crypto wallet, to store their assets securely.
A cryptowallet is a programme that stores private and public keys and interacts with various blockchain codes to enable users to send and receive digital currency. It functions also as a ledger of sorts, allowing them to track their expenses.
Currently, there are over 28 million active crypto wallets users worldwide and many more adopting the services as the technology becomes increasingly widespread and used.
The wallets, though varying in type and use, all contain one essential element – they all contain assets to be used by the individual for transactions for goods and services.
A simple solution for a high-tech dilemma
While most crypto wallets are protected and kept secure, a question remains; what happens when the owner of these wallets pass on and their heirs are unknowing of the wallet’s existence?
Without a blockchain service to provide protection for their assets, their passing would mean that the monies would sit unclaimed.
As such, there is a need for new companies like Will Token, to specialise in the protection of cryptoassets and legacy estate planning to come into the picture to take advantage of this untapped niche.
Naming their Will writing platform Octowill, the company envisions a situation where a client will be able to simply log in to their platform, write a crypto Will at the convenience of their own home and complete it with a few simple steps.
For crypto assets and wallet holders, the company will be the first platform in the world where their customers can write a Crypto Will to allow automatic inheritance of their crypto assets, which are fully operated under the blockchain technology while still remaining true to the company’s vision of providing affordable, easy and accessible Will writing services to the global public.
The company reasons that since 70% of the world’s adult working population have not written their Wills, their service platform will allow them to provide a global Will Writing platform for their customers to write their Wills online conveniently and affordably.
For now, there are no direct competitors who able to offer the exact same service they do though similar services are provided by other companies.
Redefining an industry
For Will Token, their plans are to transform the Will writing industry and provide a new untouched – a frontier – market using blockchain and make it accessible on a global platform to everyone.
To access their services, clients will have to purchase a Will Token from the company in order to access the platform for their Wills.
Their utility token will be used as payment for anyone to write a Will on Blockchain. Furthermore, it will be used by the beneficiaries and heirs for subscribing to required legal services when executing the Will.
It will also be the mode of payment for
For now, they remain optimistic that their goal to target 20% of the market as customers over the next 20 years is achievable.