BitGo offers USD 100 mln insurance cover for custodial solutions

Wednesday 20 February 2019 00:49 CET | News

Crypto custody specialist BitGo has offered for free USD 100 million of insurance cover for digits assets it holds for clients, via its custodial solutions.

As such, BitGo offers two custodial solutions for digital assets:

  • Business Wallet, which is a multi-sig hot wallet, or a multi-signature, multi-coin transactional wallet. This service is provided by BitGo.

  • Custody, which is a cold storage and custody service, provided by qualified custodian BitGo Trust Company

The insurance company that is providing the USD 100 million cover is Lloyds of London, and the cover is meant for digital assets where the offline private keys are held 100% by BitGo or BitGo Trust Company. Accoring to the company, this is done in the event of third-party hacks or theft of private keys, insider theft by employees of private keys, and physical loss or damage of private keys.

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Keywords: BitGo, insurance, custodial solutions, digital assets, wallets, private key, hacks, theft, cryptocurrency
Countries: World