Elliptic Vault calls itself the “world’s first insured Bitcoin storage service” — a kind of bank with insured deposits, without that real-world regulatory framework that cryptocurrencies are also known for lacking. The startup storage service insures deposits of the digital currency against loss and theft in London.
Even though Bitcoin might be fundamentally bizarre, there’s clearly money in it—and perhaps even more money in stealing it. So with that in mind, on Thursday, Elliptic opened its doors as a Bitcoin vault. Unlike its competitors, Elliptic offers its customers protection by Lloyd’s of London, a venerable stalwart of the insurance business. (Matt Beasley, a Lloyd’s spokesperson, confirmed the arrangement, but declined to provide further details.)
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