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BitGo’s $100 million insurance to protect Bitstamp’s crypto assets

Arijit Sarkar

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BitGo’s $100 million insurance to protect Bitstamp's crypto assets
Source: Pixabay

Bitstamp, the longest standing cryptocurrency exchange, has evolved over the years to cater to a wide spectrum of user base. The company recently announced a partnership with digital asset trust giant, BitGo, for providing custody for Bitstamp’s crypto assets. The official post read,

“BitGo, a leader in digital asset financial services, will provide secure storage for the crypto assets under management at Bitstamp.”

The crypto exchange will start transferring assets to BitGo’s wallets on 10 October 2019. While the process undergoes, none of the Bitstamp users will be affected or need to take any actions from their end. Sharing further insights into the decision, the blog read that “the security of our customers’ funds is always our highest priority at Bitstamp.”

As per the BitGo Custody website, BitGo Trust is a qualified custodian that provides 100% cold storage technology in bank-grade Class III vault. In addition, Bitstamp’s assets will be protected by BitGo’s $100 million (USD) insurance policy. As per the official press release, Mike Belshe, the CEO of BitGo said,

“Institutions need a lot more than an app with pretty charts. They need proper security, which includes technology, people, and processes, and they need exceptional client service. We’re proud to have earned Bitstamp’s trust and their business.”

 

 

Arijit is a full-time journalist at AMBCrypto, who focuses on the XRP and Ethereum ecosystem. Leveraging over three years of experience in media and Majoring in Computer Science, he covers the technical developments in the crypto ecosystem

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