UK based startup Coincover has recently collaborated with Bitcoin storage company BitGo to launch a crypto-insurance product, “Cryptocurrency Wills.”
Why was Cryptocurrency Wills launched?
According to official estimations, 4 million Bitcoin assets have been lost so far, after their holders decease. They are worth 30 million dollars, but are not accessible to the beneficiaries and the executors and have been locked in the blockchain forever.
As a solution to recover these Bitcoins, Coincover has launched this product called Cryptocurrency Wills. Cryptocurrency Wills offer wholesome assurance to cryptocurrency asset planning for the future.
Key features of Cryptocurrency Wills
- No Paper Keys to store
- No hardware Wallet to lose
- No passwords to remember or share
- No codes to enter
- No need to be tech-savvy to operate
How to Use the Cryptocurrency Will Kit?
The Cryptocurrency Will Kit will have a Unique ID Card, two Cryptocurrency Will notifications cards, and an instructional booklet.
The customers need to store their crypto assets in a multi-signature wallet of BitGo, which will provide an end to end double authentication security solution to the customer. The customer will possess at least two keys with ID numbers for transactions.
After the demise of the holder, the executor or the family beneficiary can retract the crypto assets from Coincover by providing them the Unique ID no. on the Notification card.
BitGo CEO, Mike Belshe commented that they are providing a transparent and comprehensive coverage plan for crypto insurance and retrieval. He also said,
Transparency and accuracy are essential for building trust in the market, so it’s critical for clients to understand under what circumstances their investments are insured and to what extent any loss would be covered.
Coincover co-founder and CEO, David Janczewski, said that as part of the emerging problem about how to manage Bitcoin assets after death, our Cryptocurrency Wills would offer the solution.
More about BitGo and Coincover
BitGo is headquartered in Palo Alto and is a leader in secure and custodial liquidity solutions with a global 20% share in Bitcoin transaction processing through its multi-signature hot wallet. BitGo has a robust mechanism for retrieval of the cryptocurrency assets.
Coincover, a startup founded in 2018 in the UK, provides solutions for crypto ownerships, technology, cyber-security, crypto, and blockchain insurance.