A recent tweet from Abit Network CEO Gaius Chibueze also known as bitcoin Chief has further explained the Essence of the Next of Kin feature in across crypto exchanges. The tweet was a conversation between him and a User of the exchange explaining the death of another user who had a huge amount of funds in another crypto platform. He said;
“A few days ago,a user of our platform notified me of the death of another user and wondered how the family could get hold of his tatcoin, To protect our users and serve as life insurance,we have the “Next of kin” Policy in ABiT Network, we are the first to have this in Africa”
A few days ago, a user of our platform notified me of the death of another user and wondered how the family could get the Tatcoin. To protect our users and serve as life insurance, we have the "Next of kin" policy in ABiT Network.
We are the first in Africa to have such a policy pic.twitter.com/ovIvYi8LM8— Bitcoin Chief (AKA OMA JI EGO) (@gaiuschibueze) January 24, 2021
The Exchange activated this means in their website to protect their users and to also serve as life insurance agents to their users. Situations like this has proved the potential of this additional service rendered by ABiT Network which is the first of it’s kind in Africa.
He continued the thread on twitter by sharing a similar and sad story of his friend who had about 3 bitcoin in a wallet and when the friend passed on. His family didn’t have access to his assets.
It was in respect to this incident that took place in 2018 that instigated the idea of the next of Kin Policy by Abit Network. The idea is to protect its Users and Families at any health challenge or even at death like this particular scenario.
In 2018, an Instagram friend of mine, Ayo died and left the family. This man had about 3bitcoins in his wallet but his wife and children couldn't access it. Due to this incident, I activated the Next of Kin policy on ABiT Network to protect other users and their families at death
— Bitcoin Chief (AKA OMA JI EGO) (@gaiuschibueze) January 24, 2021
By the activation of this policy in their exchange, if a user does not log into the Exchange for 12 months. The Exchange contacts the Next of Kin of that user via Email, the Next of Kin would have to submit a death certificate of the deceased user and all the assets would be transferred to the Next of kin.
Quick Facts: A person’s next of kin is that person’s closest living blood relative or relatives as announced by the person. In Some countries, such as the United States of America, there is a legal definition of “next of kin”.
In other countries, such as the United Kingdom, “next of kin” may have no legal definition and may not necessarily refer to blood relatives at all, and in this case being related by blood is not the only ties to the acronym.
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