February 19, 2019 8:07 PM
Along with offering coverage for digital assets insured up to $100 million, Business Wallet clients will also be able to purchase a lost-key recovery service.
The digital asset security company BitGo has its launch of “the most complete insurance offering in the industry” today, February 19. Providing protection for and digital assets held by either BitGo or its custodial service, BitGo Trust Company, will be able to insure up to $100 million worth of assets through long-established insurance provider .
According to the press release, the insurance plan comes at no additional cost to BitGo users and will cover losses in the event of third-party hacks or theft of private keys, insider theft by employees of private keys, and physical loss or damage of private keys. The straightforward coverage terms are part of what Mike Belshe, BitGo’s CEO, hopes is the beginning of a trend to help clients in the world of digital assets; he says it is “not always easy to understand what circumstances their investments are insured and to what extent their loss would be covered.”
For users who have a – a multi-signature, multi-coin transactional offered by BitGo – the release also “pre-announces” insurance coverage offered by , a third-party insurance provider overseen by the UK’s . Digital Asset Services is offering both theft protection and a key recovery service for those with a Business Wallet. Coverage will be purchased annually or when needed.
Of course, the insurance coverage announcement stands out in the cryptosphere, which is currently in the middle of a continuing saga surrounding lost investments. Canadian exchange QuadrigaCX, which approximately $250 million to users in cash and holdings, to what it claims is $180 million in stuck in cold wallets after the deceased founder and CEO took the company’s private keys to the grave.
As for BitGo, back in October 2018, the security company was part of a with decentralized dark pool exchange and on-chain liquidity protocol to develop the “wrapped ,” an ERC20-compliant backed 1:1 with . The was made available on the in late January.
Nicholas Ruggieri studied English with an emphasis in creative writing at the University of Nevada, Reno. When he’s not quoting Vines at anyone who’s willing to listen, you’ll find him listening to too many podcasts, reading too many books, and crocheting too many sweaters for his , RT and Peterman.
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Published at Tue, 19 Feb 2019 22:01:26 +0000
