BitcoinsUnusual project have launched in London recently, the project offers a secure and insured storage of virtual money Bitcoin.

The company Elliptic Vailt, which launched the project, stores virtual money (its private encrypted keys) on servers that do not have access to the Internet and the equipment is located in some kind of secure storage.

The company offers the insurance against theft and loss, so even there will be unpredictable losses, the insurance will cover everything.

Recently, a few hacker attacks were registered whose purpose was to steal virtual money Bitcoin. The problem of Bitcoin is that stolen virtual cannot be recovered in any way as all transactions are technically irreversible. Furthermore, Bitcoin has no central controller, so in case of loss of the digital wallet a user has no one to appeal to solve the problem.

It is obvious that unsecured virtual money is the very attractive for scammers and it forms the fraud market associated with Bitcoin.

Bitcoin has very specific advantages, but it also has disadvantages. The main drawback that it is not possible to guaranteed the safely and secure storage. Offering the service with a secure and insured storage was a logical step,“- says Tom Robinson, co-founder of Elliptic.

It was a challenge to convince insurance companies to insure the current digital assets of Bitcoin. It was very difficult to find an insurer. This industry is very conservative; they just do not understand Bitcoin. Many insurance companies simply could not adequately assess the value of the virtual money and listen to stories regarding the black market Silk Road and refuse to work with us.” – says Robinson.

Elliptic Vault

However the insurance company was found. Elliptic will reimburse Bitcoins in dollars at the exchange rate on the day Bitcoins are lost or stolen.

If you want to store your Bircoins with the service you have to create an account on the website and prove your identity. Thereafter, in a private office a wallet address is generated, where you can send your coins. The wallet is sent offline and located in the storage. Bitcoins are not used in any financial operations and they just are kept “on demand.”

To get them back, you have to send a request to the output through a private office and confirm it on the phone, telling the secret phrase. The client can be offered other levels of security. Service designed for the wealthy clients, the minimum amount that is accepted for storage must be equal to £5,000 in BTC.

We store the virtual money in a secure archive, and have a copy of it, but access to it is possible only in the presence of a quorum of Elliptic directors “, – said Robinson.

Meet the Elliptic Team

Meet the Elliptic Team

Elliptic Team