CoinHako insures bitcoin reserves

CoinHako, a Singapore-based bitcoin wallet service, has recently announced that it is the first ever Asian exchange to fully insure bitcoin reserves and it believes that the insured bitcoin services will attract lots of customers. For this purpose it has hired BitGo.

CoinHako said that in order to up the security, it was obvious for it to insure the bitcoin. The customers who did not consider investing in bitcoin thinking that it is unsafe will prefer CoinHako now.

CoinHako Co-Founder Yusho Liu said that as a result of this insurance, users' deposits in CoinHako's hot and cold wallets are now protected against hacking and theft.

However, he said that the insurance will not cover lost or stolen bitcoin resulting from individual user's negligence to maintain secure control over their login credentials. He added that they were planning to integrate BitGo's multi-sig security even before they revealed the insurance-based offerings.