BitGo has emerged as one of the world’s leading crypto custodial solutions and its clients include some of the biggest crypto exchanges on the planet. In order to ramp up its offering and distance itself from the competition, BitGo has announced that it’s launching a crypto insurance policy that covers crypto holdings up to a cool $100 million. The insurance plan is with Lloyds of London and will cover crypto holders for hacks, thefts from devious employees, and the loss of private keys that would facilitate access to a client’s cryptocurrencies.
The Most Secure Crypto on the Planet
BitGo has spared no expense in its quest to secure and safeguard your crypto. On top of its expansive range of security measures, this new insurance plan takes BitGo to the next level. No other custodial solution offers anything that even comes close. While Coinbase offers up to $250,000 insurance on Bitcoin, Ethereum, Litecoin and other digital assets, it’s not suitable for institutional investors or high net worth individuals. With the rise of institutional focused platforms such as Bakkt, the demand for such large crypto insurance plans is only going to increase.
QuadrigaCX Could Learn a Thing or Two
The whole mess over the QuadrigaCX crypto exchange could have been avoided if the exchange simply used BitGo’s services. The exchange ground to a halt after its CEO died, taking the exchange’s crypto to the grave with him. Had QuadrigaCX been using BitGo’s custodial platform rather than the CEOs wallet, investors would have been able to recover their funds. The case of QuadrigaCX could be the tipping point in a global crypto exchange regulations that we needed, ensuring that all exchanges use a custodial solution rather than a random wallet.
BitGo Ramping Up its Offering
Late last year, BitGo began offering support for a variety of stablecoins following their rise in popularity. Stablecoins allow investors to diversify portfolios and hedge against negative market movement without exiting crypto markets. On the back of this, BitGo then added support for Universal Protocol Alliance stablecoins to further broaden the basket of stablecoins that it can hold.
This new insurance policy from BitGo is the biggest and most comprehensive in the crypto world. It will no doubt win BitGo a number of new fans and supporters who are looking to protect their crypto fortune from hackers other uncontrollable events. BitGo is rapidly becoming the only custodial solution that you need to know, especially if you’re a high net worth client or institutional investor.