CoinCorner Launches Bitcoin Vault for UK Customers

CoinCorner has launched a Bitcoin custody service called 'Vault' for UK customers in collaboration with AnchorWatch, backed by Lloyd's of London insurance. The two companies designed the Vault using a multi-institutional approach, holding different keys to prevent any single entity from transferring the customer's Bitcoin independently. All deposited Bitcoin is insured. This structure is a safeguard against the risks that can arise when a single institution monopolizes the keys, preventing simultaneous asset leakage in cases of insider breaches or hacking. Lloyd's is an insurance market in London where multiple insurers share the risk, and this structure is being introduced in Bitcoin custody services as well. CoinCorner operates an exchange for Bitcoin trading and payment services, while AnchorWatch specializes in Bitcoin custody and insurance design. The combination of key dualization and insurance is seen as an effort to enhance the security of custody at exchanges.

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