Recent media reports have highlighted potential vulnerabilities in the new concept of third-party backups of seed phrases or passwords for digital assets. In response to this issue, Legacy Suite announces that its Crypto and NFT Will™ products offer a solution that avoids this vulnerability.
The media coverage surrounding Ledger’s new “Ledger Recover” feature, which stores encrypted user seed phrases with third-party custodians, has raised concerns among experts and advocates in the crypto community. They argue that this violates privacy principles and could expose crypto users’ assets to hackers.
In contrast, Legacy Suite’s Crypto and NFT Will™ provides a seamless transfer of cryptocurrency and non-fungible tokens (NFTs) without the need for third-party involvement. Importantly, it does not require the storage of private keys or seed phrases to function.
Legacy Suite CEO and founder, Sean Foote, emphasizes that privacy and security are paramount in the world of cryptocurrency. The Crypto and NFT Will™ ensures that only authorized individuals can access your assets, simplifying the inheritance process for individuals and wealth management professionals alike.
Legacy Suite offers a comprehensive set of solutions for managing digital assets, including legal and financial documents, images and media, cryptocurrency, and NFTs. These assets are organized into different suites, each catering to specific needs, such as a legal suite for legal documents and a legacy suite for user legacy information.
Additionally, Legacy Suite provides crypto wallet monitoring and backup services to protect against hacks and enable immediate response to suspicious activity. Users can transfer assets to a backup wallet without sharing or storing private keys or seed phrases.
The platform employs a non-custodial model, ensuring that users always retain full control and ownership of their digital assets. It utilizes multi-layered encryption, industry best practices for security, and blockchain technology to guarantee transparent, tamper-proof transactions and distributions.
To learn more about Legacy Suite and its solutions, visit their website.
About Legacy Suite: Legacy Suite is a comprehensive solution for digital asset management, estate planning support, and crypto wallet protection. It offers self-custody and password management for secure crypto asset management and ensures a safe transfer of digital assets to beneficiaries.