BitGo expands crypto insurance to cover over $700M
Institutional clients have shown strong demand for airtight and insured custody options. Digital asset custody firm BitGo has expanded its cold storage insurance program, raising its insurance capacity by $600 million.BitGo debuted its crypto insurance program through global insurance and reinsurance market Lloyd’s of London in 2019. This enabled BitGo clients to acquire insurance for their digital assets held on BitGo’s Business Wallet service and Custodial offering for up to $100 million.BitGo announced Wednesday that its “Dedicated Customer Excess Specie” insurance program has been....
Related News
BitGo, a leader in Bitcoin security, announced Tuesday it had secured first-of-its-kind insurance coverage for bitcoin theft from the global, A-rated XL Group insurance companies. With this announcement, BitGo joins the list of industry leaders including Xapo and Coinbase that offer insurance for bitcoin stored using their services. All of BitGo's paying customers are eligible for protection under the XL policy for up to $250,000 in covered theft claims, just by signing up for BitGo services. Customers can increase the amount of protection available to them for an annual fee. "We are proud....
BitGO were the first to pioneer the multi-signature transaction back in August, 2013. Now they're pioneering in security again, with this week's unveiling of a partnership with one of the largest underwriters in the world, XL Group. All users of the hosted wallet service will now be covered up to $250,000 for covered theft claims. Users who require or would like more coverage than that can acquire it at the competitive rate of about 1% per year (in addition to regular monthly fees). $250,000 Theft Insurance for All BitGO Customers. Insuring Bitcoin deposits has long been one of the holy....
BitGo has allegedly removed a previous blog post about its Bitcoin insurance policy following the recent Bitfinex incident where bitcoins were stolen from BitGo powered wallets. Since Bitfinex lost over $72 million worth of bitcoins in the recent security breach, the focus is now being turned towards its wallet provider as well. BitGo, the Palo Alto-based Bitcoin security firm is responsible for offering Bitcoin wallet services to the affected platform. While Bitfinex continues to investigate the origin of the hacking attack, disgruntled customers have found BitGo making few changes on its....
Bitcoin security specialist BitGo has announced a new partnership with Innovation Insurance Group and XL Group that will enable it to offer $250,000 in theft insurance to customers who opt in to the program. The coverage will protect BitGo's web wallet and platform API clients from errors resulting from its technology, processes or employee actions, as well as external hacking incidents and employee theft. Those who want to increase the value of their protection can also do so for a 1% annual fee. Long associated with some of the more prominent evangelists behind multi-signature security,....
The insurance policy is one of the largest in the cryptocurrency industry, reflecting heightened consumer protection standards. Digital currency exchange Crypto.com has expanded its insurance policy to cover up to $750 million worth of digital assets, offering an additional layer of protection for the platform’s 10 million users. The new policy, effective since Sept. 6, is backed by Arch Underwriting, a division with Lloyd’s Syndicate 12, the company announced Monday. The policy, which includes both direct and indirect custodian coverage, applies to Crypto.com’s cold storage assets held on....