Coincorner Rolls Out Institutional-Grade Bitcoin Custody with Lloyd's Insurance

Coincorner has launched a new service called Vault, which provides institutional-grade security for Bitcoin users. The company teamed up with Anchorwatch and Bitgo to create this multi-institutional custody solution. This comes after a series of high-profile hacks and losses in the crypto community.

Vault uses multi-signature keys split across independent companies' jurisdictions and is insured by A+ rated Lloyd's of London. According to Becca Rubenfeld, COO at Anchorwatch, 'This is what secure bitcoin custody should look like: multi-signature keys split across independent companies' jurisdictions, insured by A+ rated Lloyd's of London, and simple enough for anyone to use.'

Coincorner customers can put their Bitcoin into Vault, where it will be moved to an insured wallet. They can add more Bitcoin at any time and withdraw it when needed, although there is a small on-chain transaction fee. The main cost is 1.5% per year, charged monthly based on the value of the Bitcoin stored in Vault.