Cryptocurrency wallet service provider Bitgo has secured a $100 million policy through Lloyd’s insurance to cover crypto assets that are completely under the company’s control, such as those held in its business wallet and custody offerings. The policy covers issues like insider theft by employees, loss or damage of private keys and hacks.
Also read: Survey Ranks South Africa Top for Cryptocurrency Ownership
Insurance to Cover Hacks, Theft and Loss of Keys
According to a statement released on Feb. 19, Bitgo, which provides custodial services for more than $2 billion in digital assets, said its business wallet customers will now be able to buy theft insurance and a key recovery service called Lost Key Cover. This will be done through Digital Asset Services, an insurance provider overseen by the Financial Conduct Authority,…