British bitcoin exchange CoinCorner has launched a multisig custody service that distributes control of customer bitcoin keys between CoinCorner and its US partner AnchorWatch, with holdings insured by Lloyd's of London. The service charges 1.5% annually and is designed for bitcoin holders seeking cold-storage security without managing hardware themselves.
The vault service simplifies multisig setup, which has traditionally required users to assemble multiple hardware devices, generate and manage several private keys, and track their locations. CoinCorner and AnchorWatch handle key distribution on the customer's behalf, preserving multisig security without the technical complexity that has deterred most users.
Service Features
Customers can deposit any amount into a Vault, though transfers to the insured wallet typically occur on the first working day of the following month. Holdings are verifiable on-chain through a wallet address provided by CoinCorner. Top-ups are permitted at any time, and customers can define their own identity verification rules before funds are moved.
CoinCorner stated it is the first service of its kind globally.
Context
The launch follows a high-profile incident involving the Coldcard wallet, where a firmware bug led to weak seed generation. Bitcoin holders using single-signature wallets lost approximately $115 million in the attack. The incident underscored risks associated with single-key custody solutions.
"Vault offers a simple non-technical setup for customers, and partnering with AnchorWatch means we can offer fully insured, multi-signature custody with the simplicity our customers expect from CoinCorner," said CoinCorner CEO Danny Scott.
