Digital Asset Custodian BitGo has expanded its cold storage insurance program, increasing its insurance capabilities by $ 600 million.
BitGo first launched its crypto insurance program through the global insurance and reinsurance market Lloyd’s of London in 2019. This allowed BitGo customers to insure their digital assets with the BitGos business wallet and custodian offering of up to $ 100 million.
BitGo announced on Wednesday that its “special additional customer” insurance program has been expanded to include more than $ 700 million in assets.
The expansion is in response to strong demand from institutional on-call clients. The Insurance Plus program was launched in partnership with insurance brokers Woodruff Sawyer and international insurance brokers Paragon in London.
As previously reported by Cointelegraph, the largest cryptocurrency payment platform Crypto.com was one of the first BitGo customers to take advantage of the over-limit policy for individual customers.
“Given the technology and scale of BitGo, we can offer clients a customized insurance program at a lower cost in addition to BitGo’s secure cold storage system. This achievement shows that the offering is highly popular with customers looking for secure and reliable storage, ” said BitGo CEO Mike Belchi.
Backed by banking institutions like Goldman Sachs as well as major crypto companies like Mike Novogratz’s Galaxy Digital, BitGo is a major crypto security and cold wallet services company. Against the backdrop of a growing crypto market, by the end of 2020, the company’s protected digital assets exceeded $ 16 billion.