BitGo has announced insurance protections for cryptocurrencies and digital assets held in its Business Wallet and Custody offerings.
In a statement, the company said that the key features of the cover are:
- Custodial assets held by either BitGo, Inc., or BitGo Trust Company are insured for up to US$100 million 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 United Kingdom's financial services regulator.
- BitGo also carries corporate insurance policies including directors and officers, errors and omissions, and cyber theft.
Mike Belshe, the chief executive officer of BitGo, said, “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.”
Nicholas Edwards, head of fine art and specie, AmTrust at Lloyd's, 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.”