BitGo Offering $100 Million in Crypto Insurance Through Lloyd's of London

Crypto security company BitGo is making good on plans to facilitate insurance for digital assets by providing $100 million of cover against theft or the loss of cryptographic keys via the Lloyd's of London insurance market.

Custodial assets held in BitGo business wallets or in its qualified custodian arm, BitGo Trust Company, will be.

BitGo said last year that it was looking to secure insurance for its customers' assets.

The cold storage of crypto assets is a natural fit for the so-called specie insurance market, which provides cover for things like vaulted bullion, art and other treasures.

BitGo's Lost Key Cover is being offered by Digital Asset Services, an insurance provider overseen by U.K. regulator the Financial Conduct Authority.

Nicholas Edwards, head of fine art & specie at AmTrust, added: "We have been working hard to tailor a bespoke insurance product for BitGo, in this new, rapidly developing and complex sector."

AmTrust reviewed BitGo's security and controls prior to offering the insurance product, he added.

BitGo said its key recovery offering will be available for purchase either as an annual subscription or when needed.

Digital Asset Services' Theft Insurance is reportedly the first of its kind and will enable BitGo clients to get fully regulated specialist insurance for their digital currency holdings.

Also involved in brokering the deal were U.K. based crypto specialist broker Paragon International Insurance Brokers and Woodruff-Sawyer & Co. Pic: Mike Belshe, CEO, BitGo at Consensus.