CoinCorner Launches Lloyd's Insured Multisig Bitcoin Vault

British exchange CoinCorner is teaming up with US based AnchorWatch to launch a new service called Vault. This new tool offers Bitcoin holders a way to use multisig security without the usual technical headaches. The best part is that all holdings are insured through the famous Lloyd's of London, which gives investors an extra layer of peace of mind.

Multisig has always been the gold standard for security, but it can be very difficult for regular users to set up correctly. By splitting control of the keys between the two companies, CoinCorner removes the need for customers to manage their own hardware wallets. This move comes after a recent security breach involving other popular hardware products where users lost about $115 million due to a firmware bug.

The service carries a 1.5% annual fee and is designed for those who want professional grade cold storage. Users can deposit funds at any time, and these are moved into the insured vault on the first business day of the following month. Investors can even verify their balances on the blockchain using a provided wallet address.

To keep things safe, customers set their own identity verification rules for any outgoing transfers. CoinCorner CEO Danny Scott noted that this setup provides the high security of multisig with the simplicity people expect from modern apps. As the first service of its kind, it represents a major step forward for individual Bitcoin custody.