AnchorWatch Opens Bitcoin Custody With Up to $370M in Insurance

AnchorWatch Trust Company opened a Bitcoin (BTC) custody service on Oct. 19, offering eligible clients optional insurance coverage of up to $370 million per client.

That figure is the maximum coverage the company may write for a trust service client. Each policy requires underwriting approval and is subject to its terms, limits and exclusions. Eligible clients include U.S. residents, companies domiciled in the United States and those companies’ U.S.-domiciled subsidiaries. Lloyd’s of London syndicates back policies that name each covered client as the insured.

Clients can choose between two custody structures. In one, AnchorWatch holds the keys needed for custody, while the client’s trustees or executives may hold additional keys. In the other, key control is shared among AnchorWatch, U.S.-based BitGo and CoinCorner, based in the Isle of Man.

Custody fees use fixed-dollar tiers based on vault size and are capped at $10,000 a month. Additional Bitcoin purchases or gains in Bitcoin’s value do not push the custody fee above that cap. Insurance is priced separately based on each client’s risk profile. AnchorWatch had previously marketed Bitcoin vaults with optional insurance.