CoinCorner Debuts Insured Multisig Bitcoin Vault with AnchorWatch Partnership
CoinCorner, a British bitcoin exchange based on the Isle of Man, has introduced a multisig BTC custody service called Vault. The new service splits control of customer keys between CoinCorner and its US partner AnchorWatch, with holdings insured by Lloyd's of London.
Vault offers a simple setup for customers, who can open an account and deposit any amount they choose without managing hardware themselves. However, transfers typically happen on the first working day of the following month, not immediately.
The service charges 1.5% per year and is designed to provide cold-storage security without the need for technical expertise. CoinCorner CEO Danny Scott stated that Vault provides a non-technical setup for customers and allows them to take advantage of fully insured, multi-signature custody with simplicity.
This new service comes after a recent hack of Coldcard wallets, where around $115 million in BTC was lost due to a firmware bug. CoinCorner claims that Vault is the first service of its kind globally, aiming to simplify multisig setup and make it more accessible to security-conscious Bitcoin holders.