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BitGo offers $600M as insurance cover for its crypto assets

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Shivangi Mujumdar Follow

INDIA

Apr, 29 2021

Apr, 29 2021

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BitGo and its crypto-insurance system from the global insurance and reinsurance market Lloyd’s of London in 2019. This permitted BitGo clients to obtain insurance for their digital assets held on BitGo’s Business Wallet facility and Custodial offering for up to $100 million. 

 

BitGo publicized Wednesday that its “Devoted Customer Excess Specie” insurance program has been extended to cover assets valued at over $700 million. 

 

The growth comes in response to sturdy demand from institutional custody clients. The additional insurance program was presented in collaboration with insurance brokers Woodruff-Sawyer and Paragon International Insurance Brokers of London.

 

As Cointelegraph previously reported, major crypto payment platform Crypto.com became one of BitGo’s first clients to take advantage of the dedicated customer additional limits policy.

 

Backed by banking institutions like Goldman Sachs and major crypto firms such as Mike Novogratz’s Galaxy Digital, BitGo is a leading crypto-security firm and cold wallet service. 

 

BitGo has situated over $700 million in insurance reporting for large amounts of cryptocurrency held at arm’s length from the rough winds of the internet. 

 

Highlights: 

 

  • BitGo’s proclamation of a $700 million insurance program for digital assets in cold storage is big news 

  • Insurance has made dealing possible for thousands of years by allowing risk to be associated and transferred 

  • BitGo’s announcement is one more step in the procedure of bringing Bitcoin and other digital assets to both Main Street and Wall Street 

  • BitGo’s insurance system and how it works 

 

All of which leads us back to cryptocurrency, insurance for cryptocurrency risks, and why the news of BitGo's 700 million dollars in cryptocurrency reporting capacity is a big, big deal. 

 

You may believe that the words bitcoin or cryptocurrency and “mainstream” don’t fit collectively. However, I have long held the view that bitcoin won't be mainstream until insurance is promptly available to holders.? 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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