Insure your bitcoins? it's possible with Coincover and Lloyd’s

Credit: Eivind Pedersen – Pixabay

Lloyd’s of London and Coincover have jointly launched a individual insurance allowing to cover online crypto wallets.

Designed by the union Atrium of Lloyd’s of London in collaboration with Coincover, thereinsurance protects holders of Bitcoin and other digital coins (from only 1,000 pounds or around 1,200 euros) against flights in the hot wallets (hot wallets) of the startup.

There is a growing demand forinsurance for the cryptocurrency, ”Commented Matthew Greaves, underwriter at Atrium.

The product is also supported by several insurers from the Lloyd’s network, namely TMK and Markel.

We are happy to have worked with Atrium and members Lloyd's to create a unique solution for the cryptocurrency market. With this new and innovative font, we can eliminate barriers and widen the appeal for crypto, ”Added David Janczewski, CEO of Coincover.

If today, some platforms and depositaries specializing in cryptocurrencies, such as Ledger, Gemini, Bittrex or BitGo, offer insurance, the majority insures only tokens kept in cold wallets and policies cannot be purchased individually by retail investors.

Founded in 2018 in Cardiff in the United Kingdom, Coincover Its mission is to make digital investments “simpler, safer and more secure for everyone”.

The crypto-currencies no longer need to be taken offline to be fully secure. We protect your digital currency, by allowing you to access it securely and in real time, "prides itself on the young shoot on its website.

Note that the wallets Coincover are powered by the American custodian BitGo and that they support Bitcoin, Bitcoin Cash, Bitcoin SV, XRP, Stellar, Dash, ZCash and Litecoin.

It’s not the first time Lloyd deals with digital assets. In 2018, the trust company Kingdom trust announced that it would benefit from the coverage of the British insurance market for its institutional crypto-preservation service.