Digital asset custodian BitGo has expanded its cold storage insurance program and increased its insurance capacity by $ 600 million.
BitGo debuted its crypto insurance program in 2019 through the global insurance and reinsurance market Lloyd’s of London. This allowed BitGo customers to purchase insurance for their digital assets in the Business Wallet service and BitGo’s custody offering for up to $ 100 million.
BitGo announced on Wednesday that its “Dedicated Customer Excess Specie” insurance program has expanded to cover assets worth more than $ 700 million.
The expansion is in response to strong demand from institutional custody clients. The self-insurance program was launched in conjunction with insurance brokers Woodruff Sawyer and Paragon International Insurance Brokers in London.
As Cointelegraph previously reported, major crypto payment platform Crypto.com became one of BitGo’s first clients to take advantage of its dedicated client overrun limit policies.
“BitGo’s technology and scale allow us to offer a cheaper Dedicated Customer insurance program on top of BitGo’s secure cold storage system. This milestone shows that the offering is very popular with customers looking for the ultimate in safe and secure storage, ”said Mike Belshe, CEO of BitGo.
Backed by banking institutions such as Goldman Sachs and major crypto companies such as Mike Novogratz’s Galaxy Digital, BitGo is a major crypto security company and cold wallet service. Amid the growing crypto market, the company saw its digital assets in custody exceed $ 16 billion in late 2020.