BitGo is a wallet custodian: the private keys and passwords to access users’ wallets are in the hands of the American company so, in case of hacker attack there could be losses for users.
From today, BitGo is insured up to 100 million dollars with Lloyd’s insurance without users having to pay fees for this additional service.
Mike Belshe, CEO of BitGo, explained:
“This is the most complete insurance offering in the industry. It is not always easy for some clients to understand under what circumstances their investments are insured and to what extent their loss would be covered. We are changing that by being more transparent than any other company about the terms of our coverage. Transparency and accuracy is essential for building trust in the market.”
It’s not always easy for some customers to understand under what circumstances their investments are insured and what their loss coverage extends to. We are changing all this by trying to be more transparent than other companies in terms of coverage. Transparency and accuracy are essential to building trusts in the marketplace.
Goldman Sachs and Mike Novogratz’s Galaxy Digital also invested in BitGo in 2018.