BitGo Announces $100M Insurance for Its Customers’ Crypto Assets Through Lloyd’s of London
Thanks to the new BitGo’s initiative, customers’ crypto holdings can be insured for up to $100 million through Lloyd’s of London.
By Julia SakovichUpdated
3 mins readPhoto: BitGo / Medium
Security of digital assets remains one of the main issues for cryptocurrency holders. This type of assets is still rather new for a wide audience which causes a number of worries and concerns.
A new wave of fears was caused by the situation with the major Canadian crypto exchange. This month, the community has been actively discussing the case with QuadrigaCX as its cold storage with customers’ funds became inaccessible after the death of its CEO.
As it has become known, crypto security company BitGo has decided to provide its customers with a new solution that will make them feel more confident about their holdings. Or it will be better to put it another way: customers will be less afraid of losing them.
Insurance for Digital Assets
BitGo, a crypto custodian backed by Goldman Sachs, is planning to facilitate insurance for digital assets and to offer $100 million of cover against theft or loss of cryptographic keys. The insurance will be provided via the Lloyd’s of London insurance market.
Good news for BitGo clients: there are no additional costs for them.
Thanks to this new initiative, custodial assets held by BitGo will be protected against hacks of third parties, insider theft of clients private keys by employees, damage or loss of private keys.
The CEO of BitGo, Mike Belshe, commented their new service the following way:
“This is the most complete insurance offering in the industry. It is not always easy for some clients to understand under what circumstances their investments are insured and to what extent their loss would be covered. We are changing that by being more transparent than any other company about the terms of our coverage. Transparency and accuracy is essential for building trust in the market.”
How to Get Insurance
Users of BitGo Business Wallet will have a possibility to buy purchase theft insurance and key recovery service that is called Lost Key Cover via Digital Asset Services, an insurance provider that operates under the control of the UK’s Financial Conduct Authority (FCA).
It will be possible to purchase the Lost Key Cover service on an annual subscription basis or when it is needed.
According to David Janczewski, who is the CEO of Digital Asset Services, their “goal is to make digital currency safe and accessible to all by providing total peace of mind for anyone who is currently holding cryptocurrency, or anyone who might be on the outside looking in and just needs that extra bit of reassurance before investing.”
Let us also remind that among the recent BitGo’s initiatives there is a partnership with over-the-counter exchange Genesis. Thanks to this collaboration clients have an opportunity to trade crypto directly from BitGo custody without a necessity to transfer digital assets from a cold wallet to the exchange.
I’m a content writer and editor with extensive experience creating high-quality content across a range of industries. Currently, I serve as the Editor-in-Chief at Coinspeaker, where I lead content strategy, oversee editorial workflows, and ensure that every piece meets the highest standards. In this role, I collaborate closely with writers, researchers, and industry experts to deliver content that not only informs and educates but also sparks meaningful discussion around innovation.
Much of my work focuses on blockchain, cryptocurrencies, artificial intelligence, and software development, where I bring together editorial expertise, subject knowledge, and leadership experience to shape meaningful conversations about technology and its real-world impact. I’m particularly passionate about exploring how emerging technologies intersect with business, society, and everyday life. Whether I’m writing about decentralized finance, AI applications, or the latest in software development, my goal is always to make complex subjects accessible, relevant, and valuable to readers.
My academic background has played an important role in shaping my approach to content. I studied Intercultural Communications, PR, and Translation at Minsk State Linguistic University, and later pursued a Master’s degree in Economics and Management at the Belarusian State Economic University. The combination of linguistic, communication, and business training has given me the ability to translate complex technical and economic concepts into clear, engaging narratives for diverse audiences.
Over the years, my articles have been featured on a variety of platforms. In addition to contributing to company blogs—primarily for software development agencies—my work has appeared in well-regarded outlets such as SwissCognitive, HackerNoon, Tech Company News, and SmallBizClub, among others.
