Cryptocurrency custodian BitGo now affords insurance coverage for the belongings it holds in extra of its $100 million protection restrict.In acco
Cryptocurrency custodian BitGo now affords insurance coverage for the belongings it holds in extra of its $100 million protection restrict.
In accordance with an announcement on March 18, BitGo is the primary crypto asset custodian to permit its clients to buy an extra restrict above its customary coverage.
Over $100 million of insurance coverage protection on crypto
BitGo first launched an insurance coverage coverage overlaying as much as $100 million for the digital belongings it holds in February 2019, by main insurance coverage agency Lloyd’s. The insurance coverage covers losses as a consequence of theft and misplaced keys.
With the introduction of the extra coverage, the belongings BitGo purchasers can insure their belongings past custodian’s $100 million protection. The brand new coverage additionally options adjustable limits and prorated premiums that enable the shopper to solely pay for the related interval of insurance coverage.
The protection is managed by specialty industrial insurance coverage dealer Woodruff-Sawyer & Co in partnership with Paragon Brokers.
Insurance coverage within the cryptocurrency business
Since cryptocurrencies are a very dangerous asset class to carry, the demand for insuring them is growing. As Cointelegraph lately reported, defending cryptocurrency holdings with insurance coverage is slowly turning into a mainstream selection.
At the start of March, Lloyd’s started providing a brand new sort of legal responsibility insurance coverage coverage meant to guard cryptocurrency sizzling wallets from theft.