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Crypto Startup BitGo To Provide Llyod's Insurance Cover For Digital Assets

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U.S.-based digital asset financial services firm BitGo is partnering British insurer Llyod's of London to provide insurance protection for cryptocurrencies and digital assets such as Bitcoin held in their Business Wallet and Custody offerings.

Llyod's is providing insurance for up to $100 million of custodial assets held by either BitGo, Inc., or BitGo Trust Co.

BitGo will also provide its Business Wallet clients the option of purchasing theft insurance and Lost Key Cover, a key recovery service, for their assets through third-party insurance provider Digital Asset Services, which is overseen by the Financial Conduct Authority, the UK financial services regulator.

The theft insurance and Lost Key Cover will be available for purchase either as an annual subscription or when needed.

Additionally, BitGo will provide corporate insurance policies including directors & officers (D&O), errors and omissions (E&O), and Cyber Theft.

The insurance cover is provided after a thorough and rigorous assessment by the underwriters, of BitGo's hardware, software, and physical security, as well as the company's policies and procedure.

BitGo, backed by Michael Novogratz's Galaxy Digital Ventures and Goldman Sachs, is a provider of institutional cryptocurrency financial services, providing clients with security, compliance, and custodial solutions.

BitGo is a processor of on-chain Bitcoin transactions, processing about 15 percent of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies. BitGo supports over 100 coins and tokens, and has over $2 billion in assets in wallet.

In August last year, Lloyd's of London had made its entry into the crypto insurance market by providing insurance cover for Kingdom Trust's qualified custody platform for digital assets such as Bitcoin and Ethereum.

U.S.-based crypto custody platform Kingdom Trust is an independent, qualified custodian regulated by the South Dakota Division of Banking which provides custody solutions and escrow services for individual and institutional investors.

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