Underwriter Claims Crypto Custodian BitGo Exaggerated Insurance Coverage
An underwriter of BitGo’s $100 million crypto insurance policy says the custodian described it in a misleading way.
Crypto.com has gathered a record-breaking $360 million worth of insurance to cover the potential loss of coins stored in special offline vaults.
BitGo customers can now boost their insurance limits beyond $100 million to cover the loss or destruction of crypto stored in special vaults.
The new policy means user funds are protected both on- and offline.
The move is another sign that the insurance industry is gradually becoming comfortable writing coverage for digital assets.
Coinbase has revealed the details of its $255 million insurance policy for crypto held on customers' behalf.