BTC maximalists up in arms after Casa adds ETH BTC maximalists up in arms after Casa adds ETH
BTC maximalists went up in arms against custodial service provider Casa for adding Ethereum support.
2 min read
Updated: Sep. 6, 2023 at 3:00 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin maximalists reacted negatively to the news of Casa unveiling a new app with Ethereum support.
The custodial service has been storing Bitcoin since it started, hence, BTC proponents feel betrayed by the move.ย
Casa will unveil the new version in January 2023, where users will have the luxury to store both BTC and ETH, sign up for new membership plans and unlock funds through a 2-of-3 multi-signature feature. While the firmโs first CEO Jeremy Welch had discussed plans of bringing multiple cryptocurrencies, most of its users felt the platform needed to maintain its Bitcoin-only status.ย
Today, we are proud to announce a major step in the future of private key management with Casa.
We have redesigned our app, reimagined the membership experience, and now our members will be able to secure #ethereum alongside #bitcoin within Casa.
โ Casa (@CasaHODL) November 30, 2022
In addition, the platform has not only added Ethereum support in its overhaul redesign but improved the entire user experience.ย Users will benefit from an array of new membership plans and security features.ย
Reacting to the news, a Twitter user asked for recommendations for a good custodial service for a BTC purist. The majority of the other comments reflected similar negative sentiments, with another customer insisting ETH support was the perfect move to make him renounce his membership.ย
Watching Bitcoin Maxis having a meltdown is hilarious ๐
โ George AM โ๏ธ๐ธ (@GeorgeBLE17) November 30, 2022
Casa sets itself apart from other custodial solutions by leveraging the cryptocurrency multi-signature feature to create up to 3 private keys. For example, a user will need either 2 of 3 multi signatures to withdraw/transfer crypto funds from their wallet. This means a user can access their funds using two multi-signatures even if they lose one of them. The platform attributes the design as part of its vision to unlock freedom through private keys.
Besides, users will only have to entrust the platform with one of the three keys, which Casa will securely and conveniently keep. The custodial service providerโs mission is to protect users from the many hacks plaguing the crypto space by leveraging the power of effective private key management.
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