Update: 08/04/2016 Note that this article is outdated. BitGo discontinued this insurance policy as of Jan 2016. Read more about it here
CoinHako is proud to announce that its Bitcoin reserve is now insured by California’s BitGo Inc’s insurance based offerings. BitGo’s technology is underwritten by A-rated insurer XL Group. This means users’ deposits in CoinHako’s hot and cold wallets are now insured against hacking and theft.
Can customers finally rest easy?
CoinHako is using BitGo’s proprietary multisignature wallet protection service, providing its users with the confidence that their bitcoins are safe. The wallet platform will also provide transparency, risk management controls, and internal checks and balances to enable effective monitoring on its reserves. Nonetheless, users are still advised to enact best security practices such as having strong passphrases and enabling 2FA.
We’re excited to have CoinHako’s bitcoin exchange secured on our platform”, said BitGo CEO Mike Belshe. “The team at CoinHako has been a great development partner, and we fully support their focus on security as one of the core tenets of their business. I’m confident that they will be a great contributor to the Singaporean bitcoin ecosystem.”