CoinCorner launches Lloyd’s-insured Bitcoin custody

CoinCorner has launched a Bitcoin custody service for UK customers that charges a 1.5% annual fee and uses keys held separately by CoinCorner and AnchorWatch. Summary CoinCorner and AnchorWatch each control a key, preventing either company from moving customers’ Bitcoin alone. Lloyd’s of London underwriters cover key loss and unauthorized access involving Bitcoin held in Vault. Customers can add or remove funds without a long-term commitment and set custom identity checks. CoinCorner’s crypto services remain outside FCA regulation and are not protected by the UK’s FSCS. CoinCorner said its new Vault uses multi-signature technology to divide control of customers’ Bitcoin between two companies operating in different jurisdictions. CoinCorner holds one key, while insurance and custody provider AnchorWatch holds the other. Neither company can independently approve a transfer from the Vault, according to CoinCorner’s support documents. Requiring multiple keys removes the single point of control found in a conventional custodial wallet, where one company can authorize transactions on its own. Bitcoin held through the service is insured under a policy underwritten through the Lloyd’s of L...