Goldman Sachs supported BitGo just announced an offering of up to $100 million in crypto insurance at no additional costs to their existing clients.
According to their press release, this coverage protects against third-party hacks, insider theft of private keys, as well as physical loss or damage of these keys.
Regarding this new offer, the CEO of BitGO Mike Belshie calls it “the most complete insurance offering in the industry.” He says that this is for the best interest of their clients who find it difficult to understand the extent their investments are covered.
Belshie believes that with this move, they are changing the status quo through radical transparency not seen from other companies at the moment.
“Transparency and accuracy are essential for building trust in the market,” Belshie said, on their direction for the insurance offering.
BitGo is based in California, particularly Palo Alto. Financially, it is backed by Goldman Sachs and Galaxy Digital, a crypto merchant bank founded by former Goldman partner Mike Novogratz.