The British cryptocurrency exchange CoinCorner has introduced a new Bitcoin storage service that utilizes multisignature technology and is insured by Lloyd’s of London. The service, named Vault, allows clients to share control of their private keys between CoinCorner and the insurance company AnchorWatch, enhancing the security of users' funds. According to CoinCorner, the annual fee for using the service is 1.5%, and the introduction of this product is a response to recent security incidents, including a hacking attack on Coldcard wallets that resulted in the theft of approximately $115 million.
Clients will be able to open a Vault and deposit any amount; however, Bitcoin will not be immediately transferred to the insured wallet. Transfers typically occur on the first business day of the following month. Additionally, users can set their own identity verification rules that must be met before funds can be moved. CoinCorner also emphasized that its service is not regulated by the FCA and does not provide protection under the FSCS scheme, which is important for potential clients to consider.
CoinCorner plans to offer its clients a simpler and non-technical setup for multisignature storage. As noted by the company's CEO Danny Scott, "Vault offers a simple non-technical setup for clients, and our partnership with AnchorWatch allows us to provide fully insured multisignature storage with the simplicity expected from CoinCorner." With the launch of the new service, the company aims to attract more users, especially in light of upcoming changes in cryptocurrency regulation in the UK, which will come into effect on October 25, 2027.