BitGo expands crypto insurance to cover over $700M

Digital asset custody firm BitGo has expanded its cold storage insurance program, raising its insurance capacity by $600 million.

BitGo debuted its crypto insurance program through global insurance and reinsurance market Lloyd’s of London in 2019. This enabled BitGo clients to acquire insurance for their digital assets held on BitGo’s Business Wallet service and Custodial offering for up to $100 million.

BitGo announced Wednesday that its “Dedicated Customer Excess Specie” insurance program has been expanded to cover assets valued at over $700 million. 

The expansion comes in response to strong demand from institutional custody clients. The excess insurance program was introduced in collaboration with insurance brokers Woodruff Sawyer and Paragon International Insurance Brokers of London. 

As Cointelegraph previously reported, major crypto payment platform Crypto.com became one of BitGo’s first clients to take advantage of the dedicated customer excess limits policy.

“Due to BitGo’s technology and scale, we’re able to offer a lower cost Dedicated Customer insurance program on top of BitGo’s secure cold storage system. This milestone demonstrates that the offering has been very popular with clients seeking the ultimate secure and insured storage,” BitGo CEO Mike Belshe said.

Backed by banking institutions like Goldman Sachs as well as major crypto firms such as Mike Novogratz’s Galaxy Digital, BitGo is a major crypto security firm and cold wallet service. Amid the growing crypto market, the company saw its digital assets under custody surpass $16 billion in late 2020.