BitGo, a leader in bitcoin and blockchain asset security and custody services, today announced the launch and introduction of comprehensive insurance protections for cryptocurrencies and digital assets held in their enterprise wallet and custody offerings.

This follows a thorough and rigorous assessment of BitGo’s hardware, software, and physical security, as well as the company’s policies and procedures by the underwriters involved.

Key features of the coverage include:

Custodial assets held by either BitGo, Inc., or BitGo Trust Company are insured for up to $100 million USD through Lloyd’s, the world’s specialist insurance and reinsurance market.

BitGo Business Wallet clients will be able to purchase theft insurance and Lost Key Cover, a key recovery service, for their assets through Digital Asset Services, an insurance provider overseen by the Financial Conduct Authority, the UK financial services regulator.

BitGo also carries a comprehensive set of corporate insurance policies including D&O, E&O, and Cyber Theft.

BitGo Custody Insurance

The $100 million of insurance covers digital assets where the offline private keys are held 100% by BitGo, Inc. or BitGo Trust Company in the event of:

Third-party hacks or theft of private keys

Insider theft by employees of private keys

Physical loss or damage to private keys

There is no additional cost to BitGo clients.

BitGo has worked for the last year to build the right solution along with its partners, Woodruff-Sawyer & Co. and Paragon International Insurance Brokers Ltd. The team is now working on building a streamlined process to accommodate dedicated limits to individual customers.

BitGo Business Wallet Insurance and Key Recovery Service

BitGo Business Wallet clients will have access to protection options through third-party insurance provider Digital Asset Services. Lost Key Cover is secure and easy to use, and will be available for purchase either as an annual subscription or when needed. Digital Asset Services’ Theft Insurance is the first of its kind and will enable BitGo clients to get fully regulated specialist insurance for their digital currency holdings.