In a press release, the American depositary announced the launch of its excess liability insurance program.
BitGo already offered a crypto insurance up to $ 100 million since last year through Lloyd’s of London. With this new product, customers BitGo Custody will be able to benefit from a protection going beyond this amount for the digital parts stored in the cold wallets of the company.
It is the strongest and cheapest complete coverage for digital assets on the market today. I am very proud of the team because this innovative program is only possible thanks to the refrigeration insurance that BitGo created in 2019, "commented Mike Belshe, CEO of BitGo.
The Hong Kong exchange Crypto.com is one of the first BitGo customers to sign up for the program. According to its CEO, Kris Marszalek, this will further reassure users of its services.
Read also : BitGo now lends Bitcoin, Ethereum and Litecoin
To offer this excess insurance, BitGo works with brokers Woodruff-Sawyer & Co and Paragon Brokers.
While the cryptocurrency security specialist only insures tokens stored in his cold wallets (cold wallets), he entered into a partnership with the startup Coincover, which provides similar protection but for online wallets (hot wallets).
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