Crypto.Com First Client to Close Excess Specie Insurance Policy
PALO ALTO, Calif.–(BUSINESS WIRE)–#cryptocurrency—BitGo, the leader in digital asset financial services, announced today that it is now offering dedicated customer Excess Specie Insurance to BitGo Custody clients.
In 2019, BitGo introduced the most comprehensive insurance protections for digital assets which included $100 million USD for assets held in BitGo Custody through the world’s specialist insurance and reinsurance market based in London. Now BitGo is the first digital asset custodian to offer clients the ability to purchase their own dedicated excess limits above BitGo’s $100 million policy. BitGo clients who purchase Excess Specie Insurance will be named as Dedicated Customer Loss Payee in the policy, ensuring an additional layer of protection.
BitGo also announced today that Crypto.com is one of BitGo’s first clients to take advantage of the Dedicated Customer Excess limits policy. Kris Marszalek, co-founder and CEO of Crypto.com said, “BitGo carries a robust insurance program, elevating the scope of protection for our digital assets in their custody and providing further assurance to our customers that their funds are safe and protected.”
“The new excess policy is the strongest and lowest cost full coverage for digital assets in the market today,” said Mike Belshe, CEO, BitGo. “I’m very proud of the team because this innovative program is only possible thanks to the foundation of cold storage insurance that BitGo and our underwriters established in 2019.”
The key features of the Excess Specie Insurance are:
- Highly competitive premiums due to BitGo’s underlying $100M program
- Adjustable limits
- Prorated premium so clients only pay for the relevant period of protection
BitGo works with specialty commercial insurance broker, Woodruff-Sawyer & Co. who has partnered with Paragon Brokers out of London on this program.
BitGo is the leader in digital asset financial services, providing institutional investors with liquidity, custody, and security solutions. BitGo processes over 20% of all global Bitcoin transactions, and supports over 250 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo is backed by Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.