First Bitcoin insurance service launches in UK

iGaming Business – Elliptic Vault, a facility that claims to be the “first in the world” to offer insurance to owners of the Bitcoin virtual currency, has been launched in the UK. According to the BBC, the Bitcoin storage service insures deposits of the digital currency against theft and loss. The service uses a ‘deep cold storage’ in which private encrypted keys to Bitcoins are stored on offline servers in a secure location. Multiple copies of the Bitcoin keys are protected by layers of cryptographic and physical security, with such copies only accessible via a quorum of the company’s directors. Online…