Financial gifting firm Graceful on Tuesday announced the launch of a custodial digital vault ahead of Christmas, that seeks to pass on wealth, memories, and messages and can be gifted on occasions like holidays, birthdays, weddings, and graduations.
Dubbed Graceful 1.0, the first 500 vaults will be available for purchase starting Cyber Monday on Nov. 28.
Backed by top-tier venture capital funds, including Metaversal, Next View, The Fund, and Firebrand Ventures, the company claims to be creating an iconic financial gift for a new generation, supplanting traditional monetary presents like savings bonds, gift cards, and cash.
According to the company, the custodial digital vault can be purchased and set up by the gifter in minutes and comes pre-loaded with Bitcoin BTC/USD to encourage the recipient into the crypto space.
The gifter then chooses from three programmable time locks on the vault: one, five, or 10 years.
Similar to a revocable trust, the gifter can also unlock the vault in an emergency or as otherwise needed.
Like a time capsule, each vault can hold personalized messages from the gifter, some that can be viewed immediately and others that can only be viewed when the vault unlocks.
On the roadmap are additional asset support, both crypto and traditional, and more messaging features.
The recipient receives a metal cube with artwork etched on each side to represent the three themes of Wealth, Legacy, and Time.
On the sixth side, there is a QR code.
When the recipient scans it with the Graceful App, an avatar named Grace holographically projects from the cube in augmented reality and says the cube is the interface to a digital vault that has been given to them.
As the recipient turns the cube, each side has a 3D projection that explains the key uses of the vault: assets held, messages left by the gifter, and time locks for when the assets can be used.
“Every year for twenty years, my grandfather would give me a U.S. Savings Bond for my birthday. It was one of his legacies to me. And he was not alone – for 70 years the savings bond dominated the financial gifting market in the U.S. peaking at $22B in 2005. It was iconic,” said Graceful CEO and co-founder Greg Rogers.
“But it didn’t keep up with the times and is now a fraction of what it used to be. Which leaves us with the question: What’s going to take its place?” Rogers asked.
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