Bolstered by a wave of institutional crypto investors, BitGo is in a race against its peers to add insurance coverage.
The new policy means user funds are protected both on- and offline.
Crypto.com has gathered a record-breaking $360 million worth of insurance to cover the potential loss of coins stored in special offline vaults.
BitGo customers can now boost their insurance limits beyond $100 million to cover the loss or destruction of crypto stored in special vaults.
The move is another sign that the insurance industry is gradually becoming comfortable writing coverage for digital assets.
Coinbase has revealed the details of its $255 million insurance policy for crypto held on customers' behalf.
An underwriter of BitGo’s $100 million crypto insurance policy says the custodian described it in a misleading way.
BitGo is providing $100 million of cover against theft of digital assets or the loss of cryptographic keys via Lloyd’s of London.
There is less than $5 billion of global capacity to insure crypto wallets held in custody. Coinbase has secured a significant chunk of that.
Just a month after issuing a warning about crypto assets, insurer Lloyd's of London is beginning to enter the business, a new partnership shows.
Nexus is one of several blockchain startups trying to revive mutual insurance. Its first product will cover the risks of ethereum smart contracts.