Civic’s Hot Wallet to be Backed by $1M Insurance Policy Through Coincover Partnership

2020-4-1 21:33

The non-custodial and multi-signature wallet Civic Wallet is now offering a $1 million insurance from Coincover.

Established as one of the biggest decentralized identity providers in the crypto industry, Civic Technologies (CVC), is the first non-custodial wallet company offering $1 million protection. At the moment, the wallet is in beta.

FDIC-Like Protection

The CEO and co-founder of Civic, Vinny Lingham, said the protection provided from the company is similar to the one from the Federal Deposit Insurance Corporation (FDIC). Here are his exact words on this:

“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.”

In the meantime, David Janczewski, the CEO of Coincover, said he’s not running an insurance company, but one for crypto security and protection.

Advantages of Multi-Signature Wallets and Civic

With Civic Wallet being multi-signature, the user stores 1 key, the custodian BitGo another one and Civic the third one, which will migrate to Coincover soon. This means that in case something happens with Civic, users coins won't be lost.

Another great thing about it is that legal heirs can recover funds from the wallet, which only works for US residents at the moment but will expand at a global level and support all BitGo’s coins. The coverage offered by Civic is free for now, but Lingham said they may charge accounts with more than $1 million in cryptocurrency a fee.

Civic Wallet has to abide by strict Know Your Customer (KYC) rules by supplying user identification issued by governments and using facial recognition identification technology. Users won’t have to leave the wallet in order to buy crypto and connect bank accounts. The insurance couldn’t have had a better time to arrive, seeing cryptocurrencies held in wallets are growing day by day in numbers.

Users Will Automatically Qualify for the Insurance

The $1 million insurance will be automatically activated, so users won’t have to do anything in order to get it. The coins covered are Bitcoin (BTC), USDC and Ethereum (ETH), which will be stored and bought straight in the app, only with a bank account.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Atomic Wallet Coin (AWC) на Currencies.ru

$ 0.0405653 (+0.00%)
Объем 24H $4.884k
Изменеия 24h: 8.85 %, 7d: 16.06 %
Cегодня L: $0.0359365 - H: $0.0407148
Капитализация $430.141k Rank 2161
Цена в час новости $ 0.0931864 (-56.47%)

wallet civic non-custodial offering million insurance coincover

wallet civic → Результатов: 17


Фото:

Civic Wallet’s $1 Million Guarantee Could Bolster Mainstream Cryptocurrency Adoption

Blockchain identity startup Civic Technologies has just raised the stakes in the cryptocurrency wallet landscape. The company has announced that its Civic Wallet, a non-custodial hot wallet that has been in beta testing, will now guarantee a user’s digital currency holdings for up to $1 million, thanks to a partnership with Coincover and the insurance […] The post Civic Wallet’s $1 Million Guarantee Could Bolster Mainstream Cryptocurrency Adoption appeared first on BeInCrypto.

2020-3-31 13:49


Civic launching crypto wallet built on BitGo multisig technology

Civic launching crypto wallet built on BitGo multisig technology » CryptoNinjas Civic Technologies, the blockchain-powered identity, and payment solution provider, and BitGo, a provider of digital asset financial services, today announced the upcoming launch of Civic Wallet, the first consumer digital wallet built on top of BitGo’s multisig technology, to be released in the fourth quarter.

2019-7-23 09:41


Coinbase готовится провести листинг 30 новых криптовалют на своей бирже

После добавления поддержки нескольких новых токенов за последние месяцы, Coinbase раскрыла планы по листингу на своей платформе более 30 новых криптоактивов. Американская биржа объявила в своем блоге, что на данный момент активно исследует возможность добавления 31-ого криптовалютного токена на торговую площадку, а именно: Cardano (ADA), Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), Civic (CVC), Dai […]

2018-12-9 13:30


Coinbase внесет в листинг 31 альткоин, а Coinbase Pro добавила 4 токена ERC-20

Криптовалютная биржа Coinbase сообщила, что готовится добавить поддержку 31 нового криптоактива и в партнерстве с регуляторами и банками предоставить возможность работать с криптовалютой пользователям во всех возможных юрисдикциях.

2018-12-7 22:52


Coinbase раскрыла список криптовалют, которые могут попасть на платформу

Американская крипто-биржа Coinbase в эту пятницу раскрыла информацию о том, к каким криптовалютам она присматривается в настоящее время для листинга на своей платформе. В настоящее время Coinbase рассматриваются следующие активы для листинга: Cardano (ADA), Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), Civic (CVC), Dai (DAI), district0x (DNT), EnjinCoin (ENJ), EOS (EOS), Golem Network (GNT), IOST (IOST), Kin […] Запись Coinbase раскрыла список криптовалют, которые могут попасть на платформу впервые появилась Криптовалюта.Tech.

2018-12-7 18:03