Blockchain security firm and crypto wallet service BitGo has revealed plans to offer crypto insurance through Lloyd's of London, as per a announcement on February. 19.
BitGo Business wallet shoppers are going to be ready to acquire insurance for his or her digital assets held on BitGo’s Business wallet service and custodial offering
Assets held by either BitGo or BitGo trust corporation will insured for up to $100 million by international insurance and reinsurance market Lloyd’s, the press release says. Lloyd’s had nearly $43.8 billion in gross written premiums in 2017, and has insured such eccentric items as Rolling Stones guitarist Keith Richard’s hands.
BitGo crypto insurance is paid out following the loss of private keys caused by a hack or a theft by third parties or insiders, or within the case of physical loss or injury of personal keys, the press release notes.
BitGo Business wallet shoppers will be able to purchase theft insurance and key recovery service known as Lost Key cover through Digital asset Services, an insurance provider operative under the purview of the financial Conduct Authority (FCA), the United Kingdom’s monetary services regulator. The Lost Key cover service can reportedly be offered for purchase on an annual subscription basis, or at the time once required, the release says.
On Feb. 1, Canadian crypto exchange QuadrigaCX filed for creditor protection when it had been revealed that it had lost the keys for cold wallets holding $145 million in digital assets. The exchange’s founder Gerry Cotten, who was supposedly the only controller of the wallets and corresponding keys, passed away suddenly in Dec on a trip to India. Following his death, neither officers, Cotten’s wife nor the court-ordered monitor — big Four audit company Ernst & Young — are ready to find the keys.
Earlier in Jan, BitGo partnered with Bitcoin (BTC) over-the-counter (OTC) trading platform Genesis international trading to provide shoppers with an choice to trade crypto directly from BitGo custody.
To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube, Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now
