BitGo Announces Crypto Insurance, In Association with Lloyd of London

By Rushali Shome

BitGo, the reputed blockchain security company that is best known for its wallet services, as recently come out with a press release suggesting that it will soon begin to offer cryptocurrency insurance via the Lloyd’s of London.

As detailed by the press release, those clients that use BitGo’s Business Wallet can, with the rolling out of this service, get insurance for the virtual assets that they hold on the Custodial offering and the Business Wallet service offered by BitGo.

If any assets are held by either BitGo Trust Company or BitGo, they can be insured up to a whopping sum of one hundred million dollars. In addition, according to the press release:

“BitGo Business Wallet clients will be able to purchase theft insurance and Lost Key Cover, a key recovery service, for their assets through Digital Asset Services, an insurance provider overseen by the Financial Conduct Authority, the UK financial services regulator.”

Lloyd of London has earlier famously insured intriguing items such as the hands of Rolling Stones guitarist Keith Richards. In 2017, the company had almost 43.8 billion dollars in gross written premiums.

Clients who use the BitGo Business Wallet can even buy a theft insurance and key recovery service offering. This is called the Lost Key Cover, and will be provided by a different insurance provider called the Digital Asset Services, which operates under the jurisdiction of the UK’s Financial Conduct Authority.

Nicholas Edwards, Head of Fine Art & Specie, AmTrust at Lloyd’s, while speaking about the new partnership, said:

“We have been working hard to tailor a bespoke insurance product for BitGo, in this new, rapidly developing and complex sector. Following a thorough review of BitGo’s security and controls we are delighted to have delivered an innovative solution that enables our client to develop and grow its business with confidence and security.”

The CEO of BitGo, Mike Belshe stated that:

“This is the most complete insurance offering in the industry. 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.”

Rushali Shome

Rushali Shome is a history undergraduate with a keen interest in puns, politics and beyond. When not typing away furiously in the “Notes” section of her phone, she can be found trying to catch the eye of servers at restaurants or weddings for a second helping.

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