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Crypto Startup Offers Insurance Against Quadriga Wallet Dilemma

  • BitGo’s policy covers losses of up to $100 Million from hacks
  • Other custodians offer insurance on web-linked accounts
Bloomberg business news
The Crypto Startup Guarding Against Another Quadriga Dilemma

While users of the troubled Quadriga CX cryptocurrency exchange remain unable to retrieve millions in funds, a startup backed by mainstream companies such as Goldman Sachs says they’re able to offer some protection.

BitGo Inc., which provides custodian services on more than $2 billion in digital assets, said it has obtained a policy of as much as $100 million through Lloyd’s insurance marketplace that covers the offline storage accounts known as cold wallets that are at the center of the Quadriga debacle. The company has no involvement with Quadriga, which has been unable to access the access the accounts since the death of its founder.