BitGo Blockchain Project To Start Insure Cryptocurrency Wallets
The blockchain security company BitGo, which developed the same name crypto wallet, stated in the press release that it intends to provide cryptocurrency insurance services along with Lloyd's of London.
BitGo users will have the opportunity to insure cryptocurrencies that are stored in the Business Wallet and custodial services. The funds managed by BitGo and BitGo Trust Company will be covered by the insurance of up to $100 million via the market-leading player Lloyd’s.
Refunds under the terms of insurance will be carried out in case of loss of private keys due to the actions of intruders, as well as due to their malfunction or physical destruction.
Customers will have the possibility to buy the Lost Key Cover insurance from Digital Asset Services, which is operated by the UK Financial Conduct Authority (FCA). To use the service, clients can subscribe for a year or for a required period.
According to Mike Belshe, CEO at BitGo, the new offer is a complete set of insurance services. The initiative will help improve the accuracy and transparency of processes in the firm and strengthen trust in the field of cryptocurrencies.
Nicholas Edwards, Lloyd's spokesman, said that the company is working hard to adopt insurance services for BitGo, and the innovative solution will allow customers to develop their business confidently and safely.
As previously reported, BitGo opened a fiat deposit service through banking transactions for institutional clients.