PassOn – the new way in which assets, in traditional and digital form, are passed on to next generations
Today, there is no easy way to pass on digital assets, such as cryptocurrencies, social media data, images, etc. The Swiss company PassOn Ltd. has dedicated itself to leveraging the latest technologies, to bring a new and simple way for everyone to plan and manage their estate. PassOn’s upcoming estate planning solution and inheritance mechanism has the potential to become the new way in which assets, in traditional and digital form, are passed on to next generations. It has recently announced that it has sold a minority stake to SIX which owns and manages Switzerland’s stock exchange. SIX’s investment creates a strong basis for developing a systemic infrastructure aimed at bringing inheritance into the digital age.
Everyone can buy, sell, manage and store cryptocurrencies themselves, how and wherever they want, similar to what we do with traditional assets except that these new forms of assets are digital and accessed in a different way. Most cryptocurrency holders have not considered what will happen to their digital assets in the event that a password and private key is lost, the storage is misplaced or on the occurrence of death. Accessing their wealth in these cases is difficult and most of the time impossible. Furthermore, procedures of how to access cryptocurrencies are not detailed in a last will and testament, so the fortune is as good as gone. If an owner of digital assets dies without passing on the private key, his heirs may discover his wallet only to realise that they will never gain access to the wealth inside.
PassOn is going to change this. By leveraging on the latest Blockchain and Smart Contracts technologies, PassOn aims to bring inheritance into the digital age, addressing the alarming lack of solutions to easily transmit digital assets should anything happen to the owner. PassOn builds an infrastructure that gives users access to digital estate planning in a regulated environment by creating a bridge between existing and new ecosystems, all based on the new opportunities that blockchain offers. Just as the internet has transformed the way we access information, blockchains will transform the way we account for the storage, the exchange as well as the steering of information and ultimately how digital assets can be inherited.
PassOn is the bridge between humans and their digital assets
PassOn offers its users the opportunity to set up policies to secure their assets, to ensure these assets are directly passed on to any chosen configuration of beneficiaries should something happen to the asset owner. There are various options available in order to set up a policy, from a scheduled transmission to a legally-authorised notarized transmission. With a few clicks and settings, everyone can add or remove assets, plan as well as manage digital estate in real time. Due to various partnerships with established Swiss financial market players and legal experts, PassOn has an all legally-proofed inheritance blockchain-based service, that ensures a safe solution for succession. Beyond this, the objective of PassOn is to foster an ecosystem capable of shaping regulations.
PassOn will start offering its services to holders of cryptocurrencies. However, the necessity of protecting wealth is regardless of its physical or digital existence. PassOn is therefore built to work with all types of assets that will be digitized in the near future using blockchain technology. Everything of value in the real world will be registered and represented on the blockchain. As soon as they are, these assets become digital and can be passed on.
Starting in Switzerland, to build a global standard
PassOn is a startup in Switzerland combining several years of experience and proven track records in the fields of investment banking, technology, law and innovation from world class experts. PassOn is launching the digital estate planning solution out of the Swiss market, where the regulators and the government are at the forefront of innovation in the blockchain industry.
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