Provider of solutions for the storage of cryptocurrency BitGo offers insurance coverage up to $100 million for assets in cold wallets via Lloyd’s of London, the global insurance market and reinsurance.
In a press release, the company noted that insurance protects custody assets BitGo from:
- third-party tampering.
- theft of private keys by sotrudnikami-insiders;
- physical loss of or damage to private keys.
Says CEO of BitGo , Mike Balch (Mike Belshe), the company offered “the most complete insurance in the industry.”
“Some customers are not always easy to understand the circumstances under which their investments are insured and to what extent will be covered by their loss. We are changing this to be more transparent than any other company in respect of the conditions of our coverage. The transparency and accuracy necessary to build confidence in the market,” he added.
Earlier, BitGo raised $15 million in funding from investment Bank Goldman Sachs and owned by billionaire Mike Novogratz (Mike Novogratz) of Galaxy Digital Ventures. In September last year, the startup launched a regulated custodial service for institutional investors in cryptocurrency — BitGo Trust. With the aim of expanding its functionality BitGo recently launched a joint project with the OTC platform Genesis Global Trading.