The World’s First Bitcoin Vault Has Opened In London

The service offers insurance and protection from hackers.

1. Elliptic Vault claims to be the world’s first insured Bitcoin storage service.


2. Lloyds of London will underwrite any loss or theft for a fee of around two per cent each year.

3. Bitcoin transactions can’t be reversed, which means it’s impossible to recover them when stolen.

Stephen Lam / Reuters / Reuters

4. The company requires photographic ID and proof of address before storing any bitcoins. They will accept clients from anywhere in the world.

5. The company will create private keys for each customer’s wallet, storing them offline and protecting them through cryptography: so-called “deep cold storage”.

6. In the past people have lost Bitcoins due to hacking or by mistakenly throwing away their hard drives. Co-founder Tom Robinson told the BBC:

One of the main concerns people have with Bitcoin is that it’s quite difficult to store securely. Offering people insurance seemed an obvious step.

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Alan White is a news editor for BuzzFeed News and is based in London.
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