BitGo Offers Free $100 Million Insurance Cover for Its Custodial Solutions
On Tuesday (February 19th), crypto custody specialist BitGo announced that it was offering for free $100 million of insurance cover for digits assets it holds for clients via its custodial solutions.
The insurance company that is providing this $100 million cover is Lloyd’s of London(“Lloyd’s” for short). According to BitGo, the cover is for “digital assets where the offline private keys are held 100% by BitGo, Inc. or BitGo Trust Company” in the event of “third-party hacks or theft of private keys,” “insider theft by employees of private keys,” and “physical loss or damage of private keys.” BitGo says that it “has worked for the last year to build the right solution along with its partners, Woodruff-Sawyer & Co. and Paragon International Insurance Brokers Ltd,” and that “the team is now working on building a streamlined process to accommodate dedicated limits to individual customers.”