Insurance

World’s First Insured Bitcoin Vault Opens in United Kingdom

(Economic Times) The world’s first Bitcoin storage service that insures deposits of the digital currency against hackers and accidental loss has opened in London.

The new Bitcoin storage service offering insurance in the U.K., named Elliptic Vault, uses “deep cold storage” techniques to secure the digital currency.

Bitcoin keys are encrypted and stored offline. There are multiple copies, protected by layers of cryptographic and physical security.