Coincorner Rolls Out Insured Bitcoin Custody Service With Anchorwatch and Lloyd's

Coincorner has introduced Vault, a multi-signature, insured bitcoin custody service in partnership with Anchorwatch and Lloyd's of London. The new product is available now for Coincorner customers and offers institutional-grade security at a cost of 1.5% per year. 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.'

The launch comes after a series of hacks and losses in the crypto community, including the compromise of Coldcard hardware wallets which resulted in nearly 2,000 BTC being stolen. The new service allows customers to store their bitcoin in an insured wallet with public blockchain tracking, and can withdraw it at any time with a small onchain transaction fee.

Vault's insurance is underwritten by Lloyd's of London, covering loss of keys and unauthorized access. While some may view the need for third-party trust as a drawback, for others the combination of multi-signature security and insurance may be an attractive option.