Bequest Finance: Building the Bridge Between Traditional Trusts and Digital Assets With a $2.75M Boost
*SAN FRANCISCO, CA / ACCESSWIRE / June 21, 202 / *Backed by Mark Cuban, Bequest Finance has raised a $2.75M dollar round! Bequest aims to revolutionize and expand the multi-trillion dollar trust and estates industry by onboarding digital assets to the estates of clients everywhere.
Bequest was started by two ambitious computer science students from McGill and the University of Waterloo, two of the most prestigious universities in Canada.
The founders, Anna and Robert, have impressive digital asset expertise that gives them a competitive edge in the market. Anna has worked on Aquanow, one of Canada's most prolific digital asset exchanges, where she built out technology to launch B2B blockchain solutions for international clients. She was also an engineer at one of the most innovative layer-1 distributed ledger technology companies, VRRB, where she led protocol design, architecture, and implementation.
Robert has a strong background in engineering. He worked at Bitgo, one of, if not the most, trusted custodians in decentralized distributed ledger technology, that is behind the biggest source of Bitcoin on Ethereum, WBTC. He also worked at Shopify and has an impressive history of winning major hackathons.
Bequest's vision is to allow the global trusts and estates industry to accommodate all digital assets. This market expansion could bring in tens of billions of dollars a year to the industry that, despite being archaic, generates hundreds of billions of dollars a year in revenue in the U.S. market alone. With Bequest, estate planners can add everything from emails to photos, to Bitcoin to their client's estates.
Bequest was originally built at a hackathon. The founder pair realized there were no good options for crypto holders using decentralized wallets to pass on their assets after their death. The status quo best option, leaving a private key behind for a recipient to access, is risky as most people are not crypto-native enough to recover assets and convert them into the appropriate format for distribution. Even if they are, or if they use an abstracted wallet to recover assets, the larger problem is one of trust and legal compliance.
Depending on the wallet holder's estate plan, it is often not compliant for some pre-approved recipients to gain custody of the assets and become responsible for their distribution. It is also not legal for lawyers or legal practitioners to have custody their client's private key. The probate process is long and unpleasant, and dealing with irrecoverable assets or uncooperative centralized entities is the unfortunate, and increasingly common, reality for families in the internet era. This messy scenario is seamlessly solved by Bequest.
After winning the hackathon with their project, the team continued building and conducting market research. They worked with Fenwick to ensure product compliance and built out a board of advisors and a board of customer advisors to refine the product. It is during this process that the team realized this problem extends beyond cryptocurrency assets; all digital assets that are password-gated suffer from the same game-theoretical coordination problem posed by password sharing. Regulations and account terms of service are also limiting factors in people's ability to pass on meaningful digital assets.
The team is excited to expand and continue building for their clients. If you are looking to include digital assets in your estate plan or are in need of a non-custodial digital asset management solution, you can learn more at bequest.finance.
*Media Contact:*
Name: Anna
Mail: anna@bequest.finance
Company: Bequest Finance
Website: https://www.bequest.finance/
*SOURCE:* Bequest Finance
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