How to manage a Kraken crypto account after death?

The death of a loved one has recently occurred. The loss of a loved one is always a delicate time with a multitude of elements to deal with, adding to your grief.

You know that your loved one had cryptocurrency. If so, the deceased was probably using Kraken.

You will be able to get access to his account through Legapassthe guarantor of the good digital transmission to the designated beneficiary.

As for you, you may not be entirely familiar with this environment. It is therefore important at this point to tell you more about Kraken and the role she plays.

What is a Kraken crypto wallet?

Kraken is a platform for buying and selling cryptocurrency based in San Francisco and founded in 2011 by Jesse Powell, a graduate of California State University, famous for not having studied computer science, but rather philosophy and law. This anecdote is original enough to have the merit of being highlighted, as this is far from being the norm in the crypto universe where the study of mathematics and obviously computer science is commonplace.

The goal for Jesse Powell is to make crypto currency accessible to the largest number of people and to make them understand that cryptos are a door to independence because they are not dependent on a power such as the States and not subject to inflation. Ethics was also one of the subjects Jesse Powell studied when he was still a student.

Kraken therefore acts as a matchmaker between buyers and sellers of cryptos and enjoys an excellent reputation in the virtual currency community.

Kraken has a little more than 9 million customers conducting transactions across more than 190 countries for a quarterly trading volume of over 207 billion dollars.

➡ Operation

On the other hand, and the platform insists on this, Kraken is not a wallet!

Indeed, the principle of operation is as follows: the customers deposit funds in the company portfolio. This is only a deposit while the funds are being invested:

• exchanged
• used for trading
• used for staking

Staking is the act of immobilizing cryptocurrency for a relatively long period of time in order to make a profit. Staking can therefore be compared to a financial investment, accessible and profitable, as a rule.

Under no circumstances does the platform provide a personal portfolio service.

In order to buy crypto-currency on Kraken, it is possible to use the Apple Pay wallet or Google Pay or any other service of material portfolios such as : Trezor  or even Ledger.

Physical portfolios are real physical devicesThey are non-virtual, a bit like USB keys. They do not require an internet connection to work and allow a highly secure storage of private keys.

How do I get my money back from the Kraken account?

It will not be possible for you to withdraw money directly from the deceased's Kraken account, even if you have access to it, because the security system put in place by the platform does not allow you to enter a bank account whose holder's name is different from that of the Kraken account holder.

Also, you will need to provide Kraken with identification and proof of your status as a legatee or executor as well as the Kraken account ID of the deceased.

You must therefore begin by filling out a form that will be sent to the platform's compliance team, through this link.

The team will then contact you to inform you of the procedure to follow to recover the money from the deceased's account.

Because having the login and password of a deceased person's account is not always enough to simplify the closing procedure, opening an account on Legapass allows you to simplify other procedures for your loved ones! So think of them by create your account !