BitGo launches insurance protection for blockchain assets through Lloyd’s
BitGo, a leader in bitcoin and blockchain asset security and custody services, today announced the launch and introduction of comprehensive insurance protections for cryptocurrencies and digital assets held in their enterprise wallet and custody offerings.
This follows a thorough and rigorous assessment of BitGo’s hardware, software, and physical security, as well as the company’s policies and procedures by the underwriters involved.
Key features of the coverage include:
- Custodial assets held by either BitGo, Inc., or BitGo Trust Company are insured for up to $100 million USD through Lloyd’s, the world’s specialist insurance and reinsurance market.
- 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 Financial Conduct Authority, the UK financial services regulator.
- BitGo also carries a comprehensive set of corporate insurance policies including D&O, E&O, and Cyber Theft.
“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 are essential for building trust in the market.”
“We have been working hard to tailor a bespoke insurance product for BitGo, in this new, rapidly developing and complex sector. Following a thorough review of BitGo’s security and controls, we are delighted to have delivered an innovative solution that enables our client to develop and grow its business with confidence and security.”
BitGo Custody Insurance
The $100 million of insurance covers digital assets where the offline private keys are held 100% by BitGo, Inc. or BitGo Trust Company in the event of:
- Third-party hacks or theft of private keys
- Insider theft by employees of private keys
- Physical loss or damage to private keys
There is no additional cost to BitGo clients.
BitGo has worked for the last year to build the right solution along with its partners, Woodruff-Sawyer & Co. and Paragon International Insurance Brokers Ltd. The team is now working on building a streamlined process to accommodate dedicated limits to individual customers.
BitGo Business Wallet Insurance and Key Recovery Service
BitGo Business Wallet clients will have access to protection options through third-party insurance provider Digital Asset Services. 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.
“We’re delighted to pre-announce the launch of our specialist digital currency insurance and lost key cover. This initial release with BitGo will enable us to bring these ground-breaking products to market with a partner who shares our vision of offering the highest security standards to clients. Our goal is to make digital currency safe and accessible to all by providing total peace of mind for anyone who is currently holding cryptocurrency, or anyone who might be on the outside looking in and just needs that extra bit of reassurance before investing.”
