Civic's Hot Wallet to be Backed by $1M Insurance Policy Through Coincover Partnership

The non-custodial and multi-signature wallet Civic Wallet is now offering a $1 million insurance from Coincover.

Established as one of the biggest decentralized identity providers in the crypto industry, Civic Technologies (CVC), is the first non-custodial wallet company offering $1 million protection. At the moment, the wallet is in beta.

FDIC-Like Protection

The CEO and co-founder of Civic, Vinny Lingham, said the protection provided from the company is similar to the one from the Federal Deposit Insurance Corporation (FDIC). Here are his exact words on this:

“This is the first time that both technical and non-technical users can feel safe about their holdings. Until now, people had to keep their coins in the cold storage, but now they don’t have to worry about it as their holdings are insured up to $1,000,000 just like a bank account with the FDIC.”

In the meantime, David Janczewski, the CEO of Coincover, said he’s not running an insurance company, but one for crypto security and protection.

Advantages of Multi-Signature Wallets and Civic

With Civic Wallet being multi-signature, the user stores 1 key, the custodian BitGo another one and Civic the third one, which will migrate to Coincover soon. This means that in case something happens with Civic, users coins won't be lost.

Another great thing about it is that legal heirs can recover funds from the wallet, which only works for US residents at the moment but will expand at a global level and support all BitGo’s coins. The coverage offered by Civic is free for now, but Lingham said they may charge accounts with more than $1 million in cryptocurrency a fee.

Civic Wallet has to abide by strict Know Your Customer (KYC) rules by supplying user identification issued by governments and using facial recognition identification technology. Users won’t have to leave the wallet in order to buy crypto and connect bank accounts. The insurance couldn’t have had a better time to arrive, seeing cryptocurrencies held in wallets are growing day by day in numbers.

Users Will Automatically Qualify for the Insurance

The $1 million insurance will be automatically activated, so users won’t have to do anything in order to get it. The coins covered are Bitcoin (BTC), USDC and Ethereum (ETH), which will be stored and bought straight in the app, only with a bank account.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,436FansLike
2,797FollowersFollow
4,189FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Compound Roadmap to Full Decentralization to Begin with Issuance of COMP to Their Community

Compound will now issue COMP tokens to the users of their protocol in a bid to achieve full decentralization. They have released an...

Crypto Payment Processor BitPay Sees More Use in Stablecoins than Layer-2 Solutions

Rising fees on the Bitcoin blockchain after the halving will not set BitPay, a crypto payments startup, into using layer 2 payment channels...

Digital Dollar Foundation Releases Its First Whitepaper Urging The US Govt To Explore CBDC's

Christopher Giancarlo’s Digital Dollar Foundation releases its first white paper on the digital dollar. The projects aims at implementing a private-public partnership with...

Ethereum is Close to Being Flipped on its Own Blockchain As the Total Value Stored Is Shifting

The Ethereum network has been seeing a lot of activity in 2020. The price of Ether already seems to lead the altcoins rally, currently trading...

Coinbase, Who Controls Over 11% of Tezos, Rolls Out XTZ Staking in the UK, France, Spain, and the Netherlands

Over 6 months back, Coinbase launched Tezos staking for its US customers and now they are rolling this feature out for its users in...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today