Bitcoin and Lightning services firm Coincorner has launched a new bitcoin storage service called Vault, offering multi-signature security in partnership with custody company Anchorwatch and insurance underwritten by Lloyd's of London.
Rolled out on September 8, Vault provides an insured custody option designed to cover the loss of keys and unauthorized access. The product utilizes Anchorwatch's Trident Vault infrastructure, following a multi-institution custody collaboration announced in July that also involved Bitgo.
Anchorwatch COO Becca Rubenfeld stated that the service brings institutional-grade security to individual bitcoin owners, utilizing multi-signature keys split across independent companies and jurisdictions, backed by an A+ rated Lloyd's of London insurance policy.
The launch arrives amid heightened focus on security within the cryptocurrency community following recent hacks, data breaches, and security incidents involving hardware wallets. While traditional self-custody purists may hesitate to use a third-party service, Vault aims to appeal to less technical users, high-net-worth individuals, and larger entities seeking institutional-level protection.
Customers using Vault can deposit any amount of bitcoin into an insured wallet that can be tracked on the blockchain. Users retain the ability to deposit additional funds or withdraw at any time, subject to a small onchain transaction fee. The service carries an annual cost of 1.5%, charged monthly based on the value of the stored bitcoin at the beginning of each month.
