A Bitcoin storage service that is insured against the loss and theft of the digital currency has launched in London very recently in London.
Elliptic
Vault claims
to be the world’s first insured Bitcoin storage service, with Lloyds of London
underwriting any loss or theft for a fee of around two per cent each year.
Customers specify a limit to their cover in pounds, so if the value of bitcoins
rises quickly against sterling they will need to raise their premiums.
Elliptic require photographic ID and proof of address
before storing any bitcoins and their terms and conditions say they will
cooperate with any national laws, opening the door to a situation in which the
government could see who is storing bitcoins and their total value.