• Latest
Genesis, BitGo Team Up to Ease Crypto Trading for Institutions

BitGo Offering $100 Million in Crypto Insurance Through Lloyd’s of London

February 19, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

BitGo Offering $100 Million in Crypto Insurance Through Lloyd’s of London

coinnewsdaily by coinnewsdaily
February 19, 2019
in Business
0
Genesis, BitGo Team Up to Ease Crypto Trading for Institutions
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

Crypto security company BitGo is making good on plans to facilitate insurance for digital assets by providing $100 million of cover against theft or the loss of cryptographic keys via the Lloyd’s of London insurance market.

The announcement comes in the wake of the QuadrigaCX debacle, where the exchange announced it could not access its cold storage wallets following the death of its founder and CEO, Gerald Cotten, as he was the only company employee to know its private keys.

Custodial assets held in BitGo business wallets or in its qualified custodian arm, BitGo Trust Company, will be covered against third-party hacks or the theft of private keys; insider theft by employees of private keys; and physical loss or damage of private keys, the company said.

BitGo said last year that it was looking to secure insurance for its customers’ assets.

In an unusual move, BitGo named one of the Lloyd’s underwriters involved – AmTrust. The cold storage of crypto assets is a natural fit for the so-called specie insurance market, which provides cover for things like vaulted bullion, art and other treasures.

BitGo’s Lost Key Cover is being offered by Digital Asset Services, an insurance provider overseen by U.K. regulator the Financial Conduct Authority.

Mike Belshe, CEO of BitGo, said in a statement that “this is the most complete insurance offering in the industry,” adding:

“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 & specie at AmTrust, added: “We have been working hard to tailor a bespoke insurance product for BitGo, in this new, rapidly developing and complex sector.”

AmTrust reviewed BitGo’s security and controls prior to offering the insurance product, he added.

BitGo said its key recovery offering will be available for purchase either as an annual subscription or when needed. Digital Asset Services’ Theft Insurance is reportedly the first of its kind and will enable BitGo clients to get fully regulated specialist insurance for their digital currency holdings.

David Janczewski, CEO of Digital Asset Services, said the company was “delighted to pre-announce the launch of our specialist digital currency insurance and lost key cover.”

“Our goal is to make digital currency safe and accessible to all by providing total peace of mind for anyone who is currently holding cryptocurrency, or anyone who might be on the outside looking in and just needs that extra bit of reassurance before investing,” he added.

Also involved in brokering the deal were U.K. based crypto specialist broker Paragon International Insurance Brokers and Woodruff-Sawyer & Co.

Pic: Mike Belshe, CEO, BitGo at Consensus

Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet48
Previous Post

Bank Dhofar With Ripple’s Tech Live On ‘Mobile Banking Cross-Border

Next Post

Remitly Payment Company Bullish on Ripple, Could Integrate with Ripple

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post

Remitly Payment Company Bullish on Ripple, Could Integrate with Ripple

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,112.000.77%
  • ethereumEthereum(ETH)$1,600.740.39%
  • tetherTether(USDT)$1.000.25%
  • binancecoinBNB(BNB)$309.031.76%
  • rippleXRP(XRP)$0.4132801.06%
  • cardanoCardano(ADA)$0.3946584.46%
  • dogecoinDogecoin(DOGE)$0.0882652.67%
  • matic-networkPolygon(MATIC)$1.154.99%
  • solanaSolana(SOL)$24.491.61%
  • okbOKB(OKB)$36.261.09%
  • polkadotPolkadot(DOT)$6.592.29%
  • shiba-inuShiba Inu(SHIB)$0.0000122.20%
  • litecoinLitecoin(LTC)$88.891.72%
  • tronTRON(TRX)$0.0636803.32%
  • daiDai(DAI)$1.000.09%
  • cosmosCosmos Hub(ATOM)$13.604.55%
  • chainlinkChainlink(LINK)$7.393.12%
  • leo-tokenLEO Token(LEO)$3.865.71%
  • moneroMonero(XMR)$180.035.20%
  • ethereum-classicEthereum Classic(ETC)$22.051.22%
  • bitcoin-cashBitcoin Cash(BCH)$134.990.73%
  • stellarStellar(XLM)$0.0929891.39%
  • crypto-com-chainCronos(CRO)$0.0820941.93%
  • filecoinFilecoin(FIL)$5.400.84%
  • algorandAlgorand(ALGO)$0.2589425.88%
  • vechainVeChain(VET)$0.0249124.59%
  • internet-computerInternet Computer(ICP)$6.064.88%
  • aaveAave(AAVE)$87.22-1.01%
  • eosEOS(EOS)$1.122.99%
  • elrond-erd-2MultiversX(EGLD)$45.124.13%
  • theta-tokenTheta Network(THETA)$1.116.03%
  • tezosTezos(XTZ)$1.133.15%
  • paxos-standardPax Dollar(USDP)$1.000.00%
  • bitcoin-cash-svBitcoin SV(BSV)$44.380.91%
  • huobi-tokenHuobi(HT)$5.061.02%
  • havvenSynthetix Network(SNX)$2.556.81%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.053.11%
  • iotaIOTA(MIOTA)$0.2445216.58%
  • zcashZcash(ZEC)$46.770.52%
  • makerMaker(MKR)$674.082.75%
  • neoNEO(NEO)$8.301.92%
  • dashDash(DASH)$51.782.26%
  • zilliqaZilliqa(ZIL)$0.03088011.19%
  • basic-attention-tokenBasic Attention(BAT)$0.2699043.87%
  • compound-governance-tokenCompound(COMP)$57.826.84%
  • nemNEM(XEM)$0.0401214.13%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$36.797.52%
  • bitcoin-goldBitcoin Gold(BTG)$17.75-3.54%
  • qtumQtum(QTUM)$2.734.23%
  • wavesWaves(WAVES)$2.7516.37%
  • golemGolem(GLM)$0.2598215.99%
  • sushiSushi(SUSHI)$1.364.04%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • yearn-financeyearn.finance(YFI)$7,668.752.57%
  • omisegoOMG Network(OMG)$1.523.72%
  • ontologyOntology(ONT)$0.2231473.48%
  • digibyteDigiByte(DGB)$0.0111060.05%
  • umaUMA(UMA)$2.071.00%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%