The world's first Bitcoin storage service that insures deposits of the digital currency against hackers and accidental loss has opened in London, according to a story in The Economic Times.
|Lloyds of London is the underwriter for the Elliptic Vault service and insurance payouts will be calculated using the Bitcoin to U.S. dollar exchange rate at the time a claim is made, notes the story.
|Although the digital currency is gaining popularity, concerns about its security are on the rise, the article states. Online wallets used to store Bitcoins have been subject to a number of cyber-attacks and some users have also suffered from accidental loss.
The new Bitcoin storage service offering insurance in UK, named Elliptic Vault, uses "deep cold storage" techniques to secure the digital currency, the articles says. Bitcoin keys are encrypted and stored offline. There are multiple copies, protected by layers of cryptographic and physical security. The copies are accessible only via a quorum of Elliptic's directors. The facility's founders claim they are the "first in the world" to offer insurance for Bitcoin owners.Read the full story at The Economic Times.
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