Crypto.Com First Client to Close Excess Specie Insurance Policy
BitGo, the leader in digital asset financial services, announced that it is now offering dedicated customer Excess Specie Insurance to BitGo Custody clients.
Read More: GlobalFintechSeries Interview with Griffin McGahey, President at HC3
In 2019, BitGo intoduced 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.
Read More: Asia’s First Compliant Crypto Fund Has Emerged — Circle Fund
BitGo also announced 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.”
Read More: Finhabits Launches Microlearning Journeys to Help Diverse Communities Build Healthy Financial Habits
