BitGo Announces Comprehensive Insurance Protections for Digital Assets

PALO ALTO, Calif.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/bitcoin?src=hash” target=”_blank”gt;#bitcoinlt;/agt;–BitGo, the market leader in digital asset financial services, today
announced the industry’s most comprehensive insurance protections for
cryptocurrencies and digital assets held in their Business Wallet and
Custody offerings.

This follows a thorough and rigorous assessment of BitGo’s hardware,
software, and physical security, as well as the company’s policies and
procedures by the underwriters involved.

The key features of the cover are:

  • Custodial assets held by either BitGo, Inc., or BitGo Trust Company
    are insured for up to $100 million USD through Lloyd’s, the world’s
    specialist insurance and reinsurance market.
  • BitGo Business Wallet clients will be able to purchase theft insurance
    and Lost Key Cover, a key recovery service, for their assets through
    Digital Asset Services, an insurance provider overseen by the
    Financial Conduct Authority, the UK financial services regulator.
  • BitGo also carries a comprehensive set of corporate insurance policies
    including D&O, E&O, and Cyber Theft.

Mike Belshe, CEO, BitGo, said:

“This is the most complete insurance offering in the industry. It is not
always easy for some clients to understand under what circumstances
their investments are insured and to what extent their loss would be
covered. We are changing that by being more transparent than any other
company about the terms of our coverage. Transparency and accuracy is
essential for building trust in the market.”

Nicholas Edwards, Head of Fine Art & Specie, AmTrust at Lloyd’s said:

“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.”

Webinar and White Paper on Digital Asset Insurance

To help clients understand and assess insurance offerings, BitGo is
offering a webinar and a white paper. The webinar, led by TABB Group
analyst Monica Summerville, will take place on March 12, 2018 at 11:00
AM EST / 8:00 AM PST.

BitGo Custody Insurance

The $100 million of insurance covers 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
  • Physical loss or damage of private keys

There is no additional cost to BitGo clients.

BitGo has worked for the last year to build the right solution along
with its partners, Woodruff-Sawyer & Co. and Paragon International
Insurance Brokers Ltd. The team is now working on building a streamlined
process to accommodate dedicated limits to individual customers.

BitGo Business Wallet Insurance and Key Recovery Service

BitGo Business Wallet clients will have access to protection options
through third-party insurance provider Digital Asset Services. Lost Key
Cover is secure and easy to use, and will be available for purchase
either as an annual subscription or when needed. Digital Asset Services’
Theft Insurance is the first of its kind and will enable BitGo clients
to get fully regulated specialist insurance for their digital currency
holdings.

David Janczewski, CEO of Digital Asset Services, said: “We’re delighted
to pre-announce the launch of our specialist digital currency insurance
and lost key cover. This initial release with BitGo will enable us to
bring these ground-breaking products to market with a partner who shares
our vision of offering the highest security standards to clients. Our
goal is to make digital currency safe and accessible to all by providing
total peace of mind for anyone who is currently holding cryptocurrency,
or anyone who might be on the outside looking in and just needs that
extra bit of reassurance before investing.”

About BitGo

BitGo is the market leader in digital asset financial services,
providing institutional investors with security, compliance, custodial,
and liquidity solutions. BitGo is the world’s largest processor of
on-chain bitcoin transactions, processing 15% of all global Bitcoin
transactions, and $15 billion per month across all cryptocurrencies. The
company supports over 100 coins and tokens, and has over $2 billion in
assets in wallet. BitGo’s customer base includes the world’s largest
cryptocurrency exchanges and spans more than 50 countries. In 2018, it
launched BitGo Trust Company, the first qualified custodian
purpose-built for storing digital assets. BitGo is backed by Craft
Ventures, DCG, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint
Ventures, and Valor Equity Partners.

About Lloyd’s

Lloyd’s is the world’s specialist insurance and reinsurance market. With
expertise earned over centuries, Lloyd’s is the foundation of the
insurance industry and the future of it. Led by expert underwriters and
brokers in more than 200 territories, the Lloyd’s market develops the
essential, complex and critical insurance needed to underwrite human
progress. Backed by diverse global capital and excellent financial
ratings, Lloyd’s works with a global network of over 4000 insurance
professionals to grow the insured world – building resilience for
businesses and local communities and strengthening economic growth
around the world.

Contacts

Clarissa Horowitz
VP Marketing
415-608-6825
[email protected]

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