BitGo provides $100m Lloyd’s Digital Asset insurance plus corporate wallet cover

Today BitGo the company that claims to process more than 15% of all Bitcoin transactions, announced two new digital asset insurance solutions. The first offering is for customers that use BitGo for custody. Digital assets up to a total of $100 million are insured by Lloyd’s of London. While that’s quite an achievement, it’s a relatively small amount when BitGo claims to process $15 billion a month in cryptocurrencies and has over $2 billion assets “in wallet”.

Custody insurance

The insurance cover is automatic but relates to offline keys in custody at BitGo and covers third-party hacks and theft, insider theft, and physical loss or damage of the keys. Mike Belshe, CEO, BitGo, commented that “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 is essential for building trust in the market.”

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