Legacy Suite Offers Crypto Security Without Key Sharing
Digital asset management innovator's solution avoids new vulnerability noted in recent media reports
NEW YORK, May 31, 2023 (Newswire.com) - Recent media reports on cryptocurrency have focused on potential vulnerabilities on the new concept of third-party backups of seed phrases, or passwords to the user's digital assets. Legacy Suite announces that its Crypto and NFT Will™ products avoid that issue.
Media coverage revolved around the announcement by crypto wallet provider Ledger of its new "Ledger Recover" feature, which stores encrypted user seed phrases with third-party custodians. Experts and advocates in the crypto community said that violates core principles of privacy and could expose crypto users' assets to hackers.
In contrast, Legacy Suite's Crypto and NFT Will™ provides the seamless transfer of cryptocurrency and non-fungible tokens (NFTs) without third-party involvement and does not require the storage of private keys or seed phrases to function.
"Legacy Suite understands that two of the main reasons people use cryptocurrency are privacy and security, and our Crypto and NFT Will™ ensures that only you and the people you designate can have access to your assets," said Sean Foote, CEO and founder of Legacy Suite.
"You can establish clear and inviolable directives that designate to whom you want your crypto assets to be transferred and how much you want to transfer to the beneficiaries you choose, without sharing private keys. This simplifies the inheritance process for both individuals and wealth management professionals," Foote said.
Legacy Suite is the developer of a comprehensive set of solutions for managing digital assets such as electronic legal and financial documents, images and digital media, and cryptocurrency, and NFTs.
Those assets are organized into suites: a legal suite for legal documents, a legacy suite for user legacy information, a digital suite for passwords and digital asset access information, and a financial suite for traditional and digital assets.
Legacy Suite also offers crypto wallet monitoring and backup services, designed to protect against hacks while also enabling immediate response to any suspicious activity. Users can quickly transfer assets to a backup wallet in the event of any security breach or loss of private keys. Notably, Foote said, that does not require the user to share or store private keys or seed phrases associated with their crypto wallets.
Legacy Suite utilizes a non-custodial model to ensure that users always retain full control and ownership of their digital assets. This decentralized approach eliminates the risks associated with traditional custodial solutions and minimizes the potential for ledger problems.
The platform safeguards digital assets by employing multi-layered encryption and implements industry best practices for security, including multiparty computation (MPC) based key generation and advanced security algorithms. And with its foundation built on blockchain technology, asset transactions and distributions in Legacy Suite are transparent, tamper-proof, and immutable, preventing any manipulation or alteration of records and guaranteeing the integrity of asset distribution processes.
To learn more about Legacy Suite, please visit https://www.legacysuite.com.
About Legacy Suite
Legacy Suite is a complete end-to-end solution providing first-class digital asset management, estate planning support, and crypto wallet protection. Legacy Suite is a secure solution for crypto self-custody and password management, which allows you to hold your own keys, set up directives, assign executors, and have peace of mind knowing that your digital assets will safely transfer to your next of kin.
Source: Legacy Suite