Crypto asset custody entity BitGo has reportedly widened the scope of its cold storage insurance program, bringing its insurance capacity to hit the $600 million benchmark.
Specifically, BitGo previously rolled out its crypto-insurance program via international insurance and reinsurance market Lloyd’s of London two years ago. This made it possible for BitGo customers to get their crypto assets – kept on BitGo’s Business Wallet service and Custodial offering – insured for a maximum amount of $100 million.
BitGo reportedly disclosed that the scope of its “Dedicated Customer Excess Specie” insurance program has been widened to include assets valued at more than $700 million.
The development was reportedly rolled out as an attempt to answer high demands from institutional custody customers. The excess insurance program was released as a joint project with insurance brokers Woodruff-Sawyer and Paragon International Insurance Brokers of London.
High-profile crypto payment platform Crypto.com has reportedly been included among the first customers of BitGo to utilize 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” Head of BitGo, Mike Belshe, reportedly remarked.
BitGo, which receives support from banking entities such as Goldman Sachs and top-tier crypto companies like Mike Novogratz’s Galaxy Digital, is reportedly a high-profile crypto security company and cold wallet service.
The figure for virtual assets in the custody of the firm has reportedly exceeded $16 billion in late last year.