British bitcoin exchange CoinCorner has launched a multisig BTC custody solution that divides key control between the Isle of Man-based platform and its American partner, AnchorWatch, with all deposits backed by insurance from Lloyd’s of London.
Announced on Tuesday, the service carries an annual fee of 1.5% and targets holders seeking cold-storage protection who prefer not to handle hardware devices independently.
The rollout arrives in the wake of the Coldcard wallet exploit, a security breach where single-signature users suffered losses totaling roughly $115 million after attackers leveraged a firmware flaw that caused weak seed generation.
“Vault offers a simple non-technical setup for customers, and partnering with AnchorWatch means we can offer fully insured, multi-signature custody with the simplicity our customers expect from CoinCorner,” stated CoinCorner CEO Danny Scott.
While clients can open a Vault and deposit any amount they prefer, CoinCorner noted that funds do not transfer into the insured wallet instantly.
Instead, transactions generally process on the first business day of the subsequent month, and balances can be verified directly on-chain using a provided wallet address.
Account top-ups are permitted at any time, according to the companies, and users establish their own identity verification requirements prior to any movement of funds.
CoinCorner also stated that the offering represents the first product of its kind worldwide.
For years, multisig has served as the preferred defense against single-key vulnerabilities for security-focused Bitcoin users, though it has frequently been criticized as overly complex for non-technical individuals. Traditional setups require configuring multiple hardware tools, generating and storing separate private key backups, and tracking multiple locations.
By managing key distribution for the user, CoinCorner and AnchorWatch seek to eliminate these hurdles, delivering the defensive advantages of multisig without the complicated configuration process that typically deters mainstream adoption.
Frequently Asked Questions
What is the CoinCorner Vault?
It is a Lloyd’s-insured multisig Bitcoin custody service developed in partnership with AnchorWatch that removes the technical complexity of managing hardware wallets.
How much does the service cost?
The Vault charges an annual fee of 1.5%.
When do deposited funds move to the insured wallet?
Deposits typically transfer into the insured wallet on the first working day of the following month.
Who provides the insurance for the Vault?
The holdings in the Vault are insured by Lloyd’s of London.
