Transcript

JChains:

We are here in Las Vegas and I'm standing next to Wasim. Now Wasim, from what I understand, is into Bitcoin inheritance, succession planning, stuff like that. Talk to me.

Wasim Ahmad:

I'm Wasim Ahmad, I have a startup called Vault12 and we are the pioneers of crypto inheritance. We started 10 years ago. And my CEO was at Andreessen Horowitz. He was part of the blockchain team. He helped Coinbase do their funding round. And he realized that once Coinbase was successful, there'd be all these consumers buying Bitcoin. Bitcoin was the only thing around at the time. And they would be responsible for the security of their crypto assets. And they would have to kind of run around and do all kinds of things that we're used to having done for us in the traditional finance. So we created an app. It's in the App Store, in iOS and Google. And it's very simple. It's designed for everyday people. And you create a digital vault, you put your information in. Information could be your seed phrase, it could be a private key, it could be a video of you with riddles explaining what the seed phrase is.

JChains:

How to figure out how to get to it. Yeah.

Wasim Ahmad:

Yeah, exactly. The location of where you buried it. I don't know. It can be anything digital. That information is encrypted, split into pieces, and then those pieces are sent out to what we call guardians. Guardians could be friends, could be family, could be professional relationships that you have.

JChains:

You designate it, which-

Wasim Ahmad:

Yeah, you choose. You choose how many. And you also choose kind of the threshold of, well, if I need access to that private key, I want three out of the nine to say yes. If you don't have that many people that you want as part of the network, you can also use devices that you have, that you own and you control. So three of them could be an old iPad or an Android device, that kind of thing. So it gives you way more flexibility than you get with multi-sig, right? Which is three or five and that's it.

JChains:

Yeah. It's like the next evolution of the multi-sig. That's what's you're saying.

Wasim Ahmad:

And the whole system is decentralized. There's no cloud servers-

JChains:

You don't give up custody, none of that.

Wasim Ahmad:

No. So we're not having custody. There's no information on our servers, Vault12 servers. There's actually nothing on your phone once it's encrypted and distributed. There's just these slivers. And people who have those slivers don't actually know, oh, this represents this much cryptocurrency or this much Bitcoin.

JChains:

Nice.

Wasim Ahmad:

So very simple, very straightforward. And I think the key thing is, is we're at the start of what people are calling the great inheritance. There's going to be a tremendous sort of flow of assets, all kinds of assets, like $67 trillion worth of assets going to younger generations. And about six to seven trillion dollars of that is going to be crypto assets. Which is huge.

JChains:

It's amazing to think and how early we are to... Well, we were early and I think we're kind of like on the outskirts of being early with Bitcoin at least.

Wasim Ahmad:

In the next 12 months we'll start to see Chase and Citibank and all of these TradFi people start to sell Bitcoin. It might be Coinbase behind the scenes that's doing it, with the logo of the banks. I mean, we are hoping that there's like a hundred million new retail crypto investors coming into the market in the next three years. And those are the people that need inheritance.

JChains:

All right. Well, Wasim, I appreciate your time. Anything else you want to say about what you're building?

Wasim Ahmad:

If you own any type of digital asset, whether it's Bitcoin or anything else, you owe it to yourself and your family to make sure that you have a strategy for backing it up and making sure that it can be passed on. And go see a lawyer and make sure you have a will or a trust or something that covers all of that.

JChains:

Do you have best practices that people should be thinking about?

Wasim Ahmad:

Yeah, we kind of described the whole process. We're only doing one piece of it, which is the transportation of the information from you to your beneficiary that's going to then distribute it. But yeah, we have a great website that has all kinds of tips about how to think about this.

JChains:

What's the website?

Wasim Ahmad:

Vault12.com. Vault12.com.

JChains:

All right, there it is. Make sure you guys check it out. Smash the like out of your way out of here and we'll see you guys later. Thank you so much.

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