BitGo will provide insurance coverage for cryptocurrency assets in the amount of up to $ 100 million
Crypto custodian company BitGo will provide insurance against theft or loss of private keys in the amount of $ 100 million for digital assets through the insurance market Lloyd’s of London, Bloomberg writes. The total amount of digital assets placed in BitGo vaults exceeds $ 2 billion.
Assets held in BitGo business wallets or controlled by a qualified custodian unit of the BitGo Trust Company will be insured against external hacking, theft of private keys by company employees and their loss or damage.
The service is provided by the insurance provider Digital Asset Services, regulated by the UK Financial Conduct Authority.
BitGo CEO Mike Belsh called the product “the most sophisticated insurance offering in the industry.” “Not all clients can understand in what circumstances their investments are insured and to what extent their losses will be covered. We’re making a difference by bringing more clarity to coverage than any other company. Transparency and accuracy are key to building trust in the marketplace, ”he added..
Guarantor AmTrust has checked the security and management systems of BitGo before launching the product on the market. Offer will be available as an annual subscription or upon request.
In January, BitGo implemented a digital asset exchange via Genesis Global Trading OTC platform.
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