- Telecommunications Giant Vodafone Leaves the Libra Association
- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
One of the primary reasons for so many people staying away from the crypto market is the fact that this market is not fully regulated and any loss or theft cannot be gotten back. With no major insurance companies to protect their interests, many people hesitate whether or not to take advantage of the perks offered by the crypto world.
The presence of a financial entity whose sole purpose is to protect people’s funds is highly essential. Such a company will certainly settle a few nerves amongst people who deliberate with themselves if they should invest in cryptocurrency. In order to fill this void in space, BitGo has announced a comprehensive insurance for the digital assets that you hold.
What is BitGo?
BitGo is a global financial leader when it comes to providing various digital asset services. It also brings in institutional investors into the market by offering them security, compliance, custodial and liquidity solutions. BitGo has also been one of the worlds largest processor of Bitcoin transactions by processing over 15% of the total global Bitcoin transactions. This organization provides support for over 100 different cryptocurrencies and accounts for over $15 Billion every single month of crypto transactions.
How to protect your funds using BitGo?
In the crypto world, theft of cryptocurrencies is a common event. You can take all the precautionary measures but might still end up becoming a victim to cryptocurrency theft. As this market is unregulated and you are the only one to have full access and control over your funds, once some digital asset is stolen from your wallet, there is very little possibility of getting it back.
BitGo offers a comprehensive solution to this problem by insuring your entire portfolio in the unfortunate event of theft. A total of $100 million covers the insurance of cryptocurrencies and in order to sign up for the service, you will need to store all your offline private keys entirely on the BitGo Business Wallet.
By providing a reliable and insured wallet solution to its users, BitGo aims at increasing its user-base extremely quickly. By offering such insurance to crypto investors, the company has certainly caught the attention of many institutional investors.
How will this benefit the crypto world?
- Invest worry-free: By using the BitGo services, you will be able to safely store all your crypto in one place. If by chance you become a victim of cryptocurrency theft, your funds are already insured. Thus, anyone can invest with very little risk.
- Brings in institutional investors: The crypto world has always tried to bring in institutional investors into space, in order to expand the growth of crypto markets. As the number of institutional investors joins in grow, so will the increase in the value of cryptocurrencies. With the added benefit of the insurance plan, institutional investors will be able to easily invest in this space by taking the minimum risk.
What’s Next For BitGo?
BitGo will certainly draw in more investors into the crypto space. With all your funds insured, you will not have to go through the trauma of losing your crypto investment. This will help bring back the confidence of people and thus, will help in the healthy growth of the crypto market as a whole.