BitGo Cryptocurrency Custodian Now Offers Up To $100 Million Insurance Coverage For Digital Assets.
BitGo, a California-based digital assets financial services company has announced https., 2019 it's now offering up to $100 million insurance coverage for all custodial assets that are held by the company reports BusinessWire.
$100 Million USD Insurance Protection Through Lloyd’s
Per the report, BitGo Trust Company is now offering insurance protection for all digital assets that are kept in custody in its Business Wallet.
Through Lloyd’s of London, a highly reputed insurance giant, the blockchain-based crypto assets held by BitGo can be insured for up to $100 million.
In the same vein, the BitGo has made it clear that the insurance coverage applies to all cryptocurrencies whose private keys are entirely held by it.
The protection will be applicable to unforeseen circumstances such as a third party or employee hack or theft of private keys, and the physical loss or damage of keys.
BitGo Client To Purchase Insurance From Digital Asset Services
Accordingly, the Business Wallet clients of the financial services company can now purchase a Theft Insurance and Lost Key Cover insurance directly from Digital Asset Services, an insurance provider that is overseen by the UK financial services regulator.
The Lost Key Cover, for instance, is reportedly secure and easy to use. It can either be purchased as an annual subscription or exactly when it is needed.
Theft Insurance, on the other hand, allows clients to purchase regulated specialist insurance for their assets.
The Most Complete Insurance Coverage In The Crypto Industry
Mike Belshe, CEO of BitGo who made comments stated that throughout the crypto space, this is the complete insurance protection.
He added that some clients usually find it difficult to understand the circumstances and the extent to which their losses will be covered.
In his words:
“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 cryptocurrency market.”
Also commenting on the development, Nicholas Edwards, Head of Fine Art & Specie, AmTrust at Lloyd's said that the insurance firm has been making efforts to specially design an insurance product for BitGo due to the rapidly evolving and complex nature of the cryptocurrency industry.
Therefore, after carefully reviewing BitGo's security as well as its controls, they were able to deliver a solution that is innovative, and one that will ensure that BitGo's business grows with confidence and security.
Asides from the new insurance coverage, the existing ones include directors and officers liability insurance (D&O), errors and omissions insurance (E&O), and Cyber Theft.