BitGo Will Offer Crypto Insurance Through Lloyd’s

One solution to resolve the ongoing theft and loss of digital assets on crypto exchanges is to, yep, that’s right, be insured. BitGo is offering a service to do just that.

BitGo is one of the world largest cryptocurrency exchanges and is backed by Goldman Sachs. BitGo at times processes over 15% of Bitcoin (BTC) transactions The exchange is also backed by crypto bull Mike Novogratz. They have now announced an insurance protection strategy for digital assets that is held in their custody. Working with Lloyd’s of London, assets that are held by BitGo are insured up to $100 million. Head of Fine Art and Specie, Nicholas Edwards, at Lloyd’s of London stated:

“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.”

Nicholas Edwards, Lloyd’s of London

Other features for their clients include:

  • Theft insurance, lost key cover and a key recovery service for their assets through Digital Asset Services
  • BitGo will also offer a comprehensive set of corporate insurance policies including Cyber security theft

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