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Civic, a leading provider for decentralized identities in the crypto space, has become the first company to offer a non-custodial wallet with significant asset coverage. According to the policy, Civic has partnered with Coincover to offer users Federal Deposit Insurance Corporation (FDIC)-like coverage of up to $1 million for assets stored in their multi-signature wallet.
Vinny Lingham, Civic co-founder and CEO, compared the wallet’s insurance policy to that of a bank.
He told Cointelegraph, “This is the first time that both technical and non-technical users can feel safe about their holdings. Until now, people had to keep their coins in the cold storage, but now they don’t have to worry about it as their holdings are insured up to $1,000,000 just like a bank account with the FDIC.”
Lingham said a main benefit of the insurance policy would be client protection in the event that Civic goes under.
Coincover CEO David Janczewski explained that his company is not an insurance company, and instead works with Lloyd’s of London underwriters to provide the policy. He called Coincover a “protection and security company for cryptocurrency,” rather than a direct insurance provider.
The multi-signature wallet currently employs a three key system, distributed among the client, custodian BitGo and Civic, with the latter intending to transition its private keys to Coincover.
