From family meetings to Family DAOs.
Unstoppable Domains’ Sandy Carter told CoinDesk in a phone interview that the goal of the shared wallet is to promote “multigenerational diversity” through a product that comes with tools to educate children and grandparents alike.
Families who sign up for Wallio ahead of its third quarter launch will be able to create a shared crypto wallet to deposit and receive digital assets. One family member will set up a profile and can add up to six additional accounts for the other family members.
Carter said the tie up with Unstoppable Domains lets family members create individual addresses with a name rather than a sequence of numbers, to prevent “getting rugged by typing in long addresses.”
Wallio isn’t the first family-oriented crypto wallet. Family investment application EarlyBird launched EarlyBird Crypto in January, a crypto extension of its original product for families to deposit digital assets into their children's accounts.
Providing family access to a crypto wallet raises concerns as to who gets to decide on what assets are sent and received. Not only will Wallio allow for users to establish controls on which members of the family can do so, but it will come with the ability to establish a Family DAO.
The Family DAO, inspired by a listener of Carter’s Twitter Spaces, will allow families to create a governance token for members to vote on measures pertaining to the wallet. Such measures include what tokens to invest in or what non-fungible tokens (NFTs) to purchase.
“There’s a lot of people talking about Web 3 but not a lot of people doing it,” said Carter, who hopes to inspire families to set up shared wallets and decentralized autonomous organizations (DAOs) and learn by doing.
Read more about
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.