March 18, 2020 Cryptoasset custody provider, BitGo is now offering insurance policies for over $100 million.

The cryptoasset custody provider, BitGo has announced that it now offers cryptoasset insurance policies beyond $100 million. The policy applies to funds that are stored in cold storage and protects against loss from theft or damage. The decision was influenced primarily by customer demand according to the company’s CFO, Rodrigo Vicuna. This decision follows a February 2019 announcement when BitGo revealed that Lloyd’s of London would be underwriting its insurance policies for assets stored in cold storage. According to CoinDesk, Crypto.com, the Hong Kong cryptoasset exchange is the first customer of the new policy.