BitGo expands crypto insurance to cover over $700M
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Digital asset storage company BitGo has expanded its cold weather insurance program, increasing its insurance capacity by $600 million.
BitGo launched its crypto insurance program in 2019 at global insurance and reinsurance marketplace Lloyd’s of London. This allowed BitGo customers to purchase insurance for their digital assets in the BitGo business portfolio service and custody for up to $100 million.
On Wednesday, BitGo announced the expansion of its proprietary risk customer insurance program, which now covers more than $700 million in assets.
This expansion is a response to the high demand from customers in the healthcare sector. The excess insurance program was launched in partnership with Woodruff Sawyer and Paragon International Insurance Brokers of London.
As previously reported by Cointelegraph, major crypto-currency payment platform Crypto.com was one of the first BitGo customers to benefit from a special customer over-limit policy.
Because of BitGo’s technology and size, we can offer a special, low-cost customer insurance program to complement BitGo’s secure cold storage system. This milestone shows that the offering is popular with customers looking for the safest and most secure storage option, said Mike Belshe, CEO of BitGo.
Backed by banking institutions like Goldman Sachs and major cryptocurrency companies like Mike Novogratz’s Galaxy Digital, BitGo is the largest cryptocurrency security company and cold wallet service. Amid the growth of the cryptocurrency market, the company has seen its stored digital assets exceed $16 billion by the end of 2020.
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