Casa is a new bitcoin aand cryptocurrency wallet aimed at people who have between $400 thousand to $10 million in assets. It is not meant for those who trade currencies or otherwise spend them.
Rather Casa is intended to the first of its kind storage device that works to secure assets using multi-security measures. The Casa wallet requires users electronically sign three different devices to move assets.
Jeremy Welch, the CEO of Casa, calls it “premium hodl software”. His overall end goal is to provide an easier way for customers to manage their own private keys while also making sure they are very secure from the ever increasing problem of hackers.
When Casa first launches, it will hold only bitcoin, however by the end of the third quarter of 2018 the plan is for them to hold ethereum as well, with even more coins planned for the future.
Casa’s wallet generates five keys to store a users assets. One stays on a users phone or tablet, Casa the company holds another as a recovery mechanism, in case you lose a key. The remaining three are stored on hardware wallets.
Casa is recommending users keeping one at your house, one at their office and one in a safety deposit box of a bank.
To access your currencies, you will need a combination of 3 the 5 keys.
According to Jeremy Welch this means:
“Someone can’t come to you with a gun, put it to your head and say, ‘Transfer me all your money,’”
Casa is targeting high net worth individuals and family offices and its service doesn’t come cheap. Its annual service fee will be in the five-figure range meaning it will not be practical for the average bitcoin user.
To date he has but a small handful of paying customers but claims to have a wait-list of more than 100 others which he says will all be on board this month.
The biggest problem Casa faces is not around customers, but rather getting them to follow the guidelines of safe key storage.
Casa is the first to attempt such drastic measure to ensure the safety and security of cryptocurrency and digital asset keys, however hopefully we will see other similar solutions that are made available for the masses in the years to come.