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It's an excellent commercial angle, as most people will become parents over time, which gives a strong incentive to continue with Proton. Kuddos!
I really wish they would improve existing features rather than this stuff. They've been promising a Drive client for Linux for years.
Seems like a nice way to raise a bit of money for the foundation, and the problem of children needing email addresses is a real one. I just don't understand how reserving an email address years before they need it actually improves their privacy.

Is this really just a case of reserving an address if your child has a common first name and last name, without having to keep the address active?

It "improves privacy" because Proton is a "private email service". That's all there is to that line of marketing here.
Proton mail and privacy? Is this some joke?
Even better, buy your child a domain name when they’re born. Then they can use any email service in the future, not just an obvious CIA plant.
Wouldn't it just be easier to ask for some money upfront? This seems like a ridiculous concept.