Copy link
Increase text size
Decrease text size
Link copied

BitGo to offer crypto insurance through Lloyd’s of London

Wed, 20 Feb 2019, 07:18 am UTC

Crypto custodian and security firm BitGo has announced its plans to offer insurance protections for cryptocurrencies through Lloyd’s of London.

BitGo said that this follows a thorough and rigorous assessment of its hardware, software, and physical security, as well as its policies and procedures by the underwriters involved.

According to the press release, BitGo Business Wallet clients will be able to purchase theft insurance and Lost Key Cover, a key recovery service, for their assets through Digital Asset Services, an insurance provider overseen by the UK Financial Conduct Authority.

“Lost Key Cover is secure and easy to use, and will be available for purchase either as an annual subscription or when needed. Digital Asset Services’ Theft Insurance is the first of its kind and will enable BitGo clients to get fully regulated specialist insurance for their digital currency holdings,” BitGo said.

Furthermore, custodial assets held by either BitGo or BitGo Trust Company can be insured for up to $100 million USD through Lloyd’s. This covers events such as third-party hacks or theft of private keys, insider theft by employees of private keys, or physical loss or damage of private keys.

“This is the most complete insurance offering in the industry. It is not always easy for some clients to understand under what circumstances their investments are insured and to what extent their loss would be covered. We are changing that by being more transparent than any other company about the terms of our coverage. Transparency and accuracy is essential for building trust in the market,” Mike Belshe, CEO, BitGo, said.

In August 2018, Lloyd’s of London extended its insurance cover to Kingdom Trust’s crypto custody platform.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,181.26 (-1.38%)
  • Ethereum (ETH) $142.62 (-2.70%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $206.25 (-1.01%)
  • Litecoin (LTC) $43.78 (-1.96%)
  • Bitcoin (BTC) $7,181.26 (-1.38%)
Dec 12, 2019 (Thursday)
08:40
Consensys shuts down India, Philippine offices; 11 people axed by the closure
07:43
SEC chairman says DLT can foster capital growth; Revealed that agency has been studying digital assets
06:47
Crypto Technicals: XRP/USD capped at 20-DMA, on track to test trendline support at 0.1975
06:47
Napoleon Bitcoin Fund launches in France to cater institutional investors
06:39
Digital assets are here to stay; State Street survey reveals continued institutional interest
06:03
Crypto Technicals: ETH/USD dips below 140 mark, eyes trendline support at 132
05:37
Enterprise Ethereum Alliance, Chamber of Digital Commerce partner on tokenization efforts
04:42
Square Crypto awards grant to pseudonymous Lightning contributor ‘ZmnSCPxj’
04:42
Crypto Technicals: Bitcoin hits 2-week lows below $7100, bearish bias with rising volatility to see more weakness
03:35
Russian power grid company to use blockchain technology to solve massive energy debt issue
03:14
Elliptic launches a risk-assessment tool for banks to identify trustworthy crypto exchanges
Dec 11, 2019 (Wednesday)
12:54
Wu Jihan once again takes over the helm at Bitmain as CEO
12:36
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:35
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:52
China securities watchdog appoints former head of PBoC Digital Currency Institute: Report
11:07
Crypto Technicals: ETH/USD consolidates below 5-DMA, scope for further weakness
10:52
Nike secures patent for blockchain-enabled “CryptoKicks”
09:44
BitPay rolls out stablecoin payments for merchants and consumers
08:52
Ripple improves Xpring platform to boost growth of XRP developer community
07:42
Crypto Technicals: BTG/USD extends weakness below 5-DMA, momentum strongly bearish
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft