How Does BitGo’s $250,000 Insurance Benefit the Bitcoin Casino Market?
BitGo continues to make a buzz on the Bitcoin market, especially now with the first-ever Bitcoin theft insurance. However, how exactly does an online player benefit from this?
New layer of protection shields BitGo wallet from threats
Thanks to its partnership with XL Group, an A-rated conglomerate of insurance companies that operate globally, all BitGo clients and wallet users will enjoy the $250,000 theft insurance.
Based on the XL policy, anyone who avails or currently use the services provided by BitGo will be covered by the said protection. The customers even have the choice to increase their level of protection by opting to pay the one percent annual fee.
The insurance serves as another layer of blockade against internal problems with the BitGo technology and the company as well as from the external incidents of hacking and theft.
XL Group’s Chief Underwriting Officer John Coletti of Cyber and Technology Insurance said:
“BitGo’s multi-signature architecture delivers a significant level of security, realizing how seriously they take cyber security; we confidently developed a comprehensive insurance solution that offers BitGo and their customers another layer of protection.”
BitGo’s multi-signature technology—a pioneer in the Bitcoin ecosystem—differentiates its services from the rest of the wallet service providers existing today.
What does the $250,000 insurance mean to players?
While it is not advisable to have that much worth of bitcoins stored in the wallet the players use for their bankroll, it is possible for any Bitcoin casino enthusiast to own this much of BTC.
In the event players own large amounts of BTC, using the BitGo wallet will come in handy. Its two layers of security are reasons enough for users who want maximum protection to opt for this provider’s services.
However, when it comes to using the wallet as the primary storage for betting, it would be preferred if they have a different web wallet instead to hold smaller amounts enough to last several wagers on the variety of Bitcoin casino games.
Aside from the players, gambling operators may also use BitGo’s security measures to ensure that their funds, as well as those of the players, are kept safely away from possible danger.
Meanwhile, the Bitcoin casino market is keen to benefit from the CoinHako-BitGo Partnership.