Teaming up with Lloyd’s, Eliptics provides insurance guarantee for an online banking product: Bitcoin

Country: UKELLIPTIC
Year: 2014

  • A start up and an insurer team up to propose a new range of insurance products
  • Bitcoin vault is the first storage insurance of digital currency

Concept

  • Launched in the UK by Elliptic, Elliptic Vault is the first insured bitcoin storage service. Elliptic Vault offers protection against the loss or theft of Bitcoin holdings, with insurance underwritten by Lloyd’s of London
  • The service uses advanced “deep cold storage” techniques to secure its customers’ Bitcoins. Deep cold storage involves the use of both strong encryption and secure physical locations.
  • In the event of a storage failure, the liability to the customer would be the market value of bitcoins, capped by the Liability Limit. The Liability Limit is chosen by the customer in British Pounds Sterling (GBP), and will be billed in Bitcoin (BTC) at 2% of that limit per annum.
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