Blockchain software firm BitGo announced on Tuesday the launch of its new comprehensive insurance protections for cryptocurrencies and digital assets held in its Business Wallet and Custody offerings. According to BitGo, the launch of the insurance comes just after an assessment of its hardware, software, and psychical security. Key features of the coverage include:
- Custodial assets held by either BitGo, Inc., or BitGo Trust Company are insured for up to $100 million USD through Lloyd’s, the world’s specialist insurance and reinsurance market.
- 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.
- BitGo also carries a comprehensive set of corporate insurance policies including D&O, E&O, and Cyber Theft.
While sharing more details about the coverage, Mike Belshe, CEO of BitGo, stated:
“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.”
The launch of the coverage comes just days after BitGo announced it was selected by Ripple to provide multi-signature security, advanced treasury management and additional enterprise functionality for XRP, which is the digital asset native to the Ripple Consensus Ledger (RCL).