BitGo extends crypto insurance over its standard policy

A company that processed over 20% of all global Bitcoin transactions, announced the new insurance possibilities.

BitGo becomes the first digital asset custodian to offer investors the possibility to increase insurance limits for crypto amounts over $100 million.

BitGo, a company that processed over 20% of all global Bitcoin (BTC) transactions, announced yesterday the new insurance possibilities for its dedicated customers. The company is now offering an Excess Specie Insurance, which opens the ability for the institutional clients to purchase their own dedicated excess limits above BitGoโ€™s $100 million policy. According to the official announcement, the clients named as Dedicated Customer Loss Payees, will be granted with the additional layer of protection.

The key features of the additional insurance policy will include adjustable limits and prorated premiums that allow payments only for the relevant period of protection.

The company introduced its first cold storage insurance protection for digital assets covering $100 million last year. The insurance protection, backed by Lloydโ€™s of London,
is meant for digital assets stored on devices, that are not connected to the internet. The insurance covers losses caused by the thefts of the cryptographic keys and by the physical access to the storage. The excess insurance also in only for cold storage wallets. Mike Belshe, the CEO of BitGo claims that:

The new excess policy is the strongest and lowest cost full coverage for digital assets in the market today.

Crypto insurance is gaining a position

Some time ago the cryptocurrency market has been associated with the “wild westโ€ mainly due to the lack of regulation. Since the industry is evolving, cybercrimes, such as hacks to cryptocurrency exchanges or trading platforms and crypto thefts become an increasing risk as well. This leads both crypto institutional investors and individual users to seek out ways to protect their digital property. Digital asset insurance seems to become more and more in demand lately.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia

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