First Bitcoin Theft Insurance

BitGoBitGo has great news. They has secured the first-of-its-kind Bitcoin theft insurance from XL Group insurance Companies. The multi-sig security platform offers all of BitGo’s paying customers protection under the XL policy for up to $250,000 in covered theft claims just by signing up for their services. When customers needs a higher amount of protection it’s possible to increase it for an anual fee of 1 percent. With this offer, BitGo add another layer of protection to its service.

In their press release BitGo said:

It is a robust cyber and professional liability policy that goes well beyond narrow crime policies previously adopted by some bitcoin vault providers. BitGo customers who opt-in to the program are protected from acts, errors, or omissions of BitGo technology, processes, and employees, including external hacking incidents and employee theft. Both hot wallets and cold storage are eligible for coverage in the policy. In the event of a covered loss, the policy would reimburse BitGo’s customer, as a direct loss payee, for the value of the lost or stolen bitcoins, subject to the terms and conditions of the insurance policy with XL Group. In addition, the policy provides BitGo unprecedented ability to work directly with it customers in the management and resolution of such incidents.

BitGo is the leading bitcoin security platform and a pioneer of multi-sig technology. The company offers BitGo Enterprise, an enterprise-grade, multi-sig, multi-user bitcoin wallet, and BitGo Platform API, a robust set of tools and services to access the underlying platform. BitGo was founded by Mike Belshe, Ben Davenport, and Will O’Brien, veterans in online security, digital currency, and financial technology. The company has raised more than $14 million in financing from elite Silicon Valley venture capitalists and angels, and bitcoin industry insiders who have backed successful companies like PayPal, Netscape, Red Hat, Proofpoint, Verisign, Juniper Networks, Yammer, and Tesla.

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