Coinbase: our insurance is legit and comprehensive

Coinbase has sought to reassure consumers that it provides real, comprehensive insurance on deposits, at no cost to the consumer.

They have actually done so for 9 months, but felt the need to reinforce this message once again in light of some of the spurious claims of insurance coverage recently advertised by other wallet providers.

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Coinbase didn’t mention any by name, but both Circle and Xapo have come under recent fire after customers noticed that only $100 worth of deposits are covered by their said insurance, the provider of which still remains vague.

Bitcoin vault service Elliptic claimed it has insurance coverage by Lloyd’s London earlier this year. Ultimately this never materialized. Elliptic reportedly said that Lloyd’s pulled out of the deal due to its “high publicity”, while Lloyd’s said they never made a deal in the first place and only dealt with inquiries on the matter.

Coinbase says it gets its insurance through Aon, the world’s largest insurance broker, and only uses underwriters with high credit ratings.