Digital asset custody company BitGo has expanded its cold store insurance program, adding $ 600 million to its insurance capacity.
BitGo unveiled its 2019 crypto insurance program across the global insurance and reinsurance market, Lloyd’s of London. This enabled BitGo customers to take out insurance for their digital assets, which are held through BitGo’s business wallet service and custody account for up to $ 100 million.
BitGo announced on Wednesday that its Dedicated Customer Excess Specie insurance program has been expanded to cover assets valued at over $ 700 million.
The expansion is in response to strong demand from institutional custody customers. The surplus insurance program was launched in collaboration with insurance brokers Woodruff Sawyer and Paragon International Insurance Brokers of London.
As Cointelegraph has previously reported, the large crypto payment platform Crypto.com was one of BitGo’s first customers to use the special guidelines for customer excess limits.
“Because of BitGo’s technology and scope, we can offer a lower cost dedicated customer insurance program in addition to BitGo’s secure cooling system. This milestone shows that the offering is very popular with customers looking for the ultimate in secure, insured storage, ”said Mike Belshe, CEO of BitGo.
Backed by banking institutions like Goldman Sachs as well as major crypto firms like Mike Novogratz ‘Galaxy Digital, BitGo is a major crypto security firm and cold wallet service. Amid the growing crypto market, the company was valued at more than $ 16 billion in late 2020.