CoinCorner Launches Lloyd’s-Insured Multisig Bitcoin Vault with AnchorWatch
Isle of Man-based bitcoin exchange CoinCorner has debuted a new multisignature custody service called Vault, splitting key control between the exchange and its U.S. partner AnchorWatch — with holdings insured by Lloyd’s of London. The service carries a 1.5% annual fee and targets bitcoin owners who want cold-storage security without the complexity of managing hardware wallets themselves, the company announced Tuesday.
Launch Follows Coldcard Wallet Hack
The rollout comes in the wake of the Coldcard wallet hack, where a firmware bug caused weak seed generation in single-signature devices, leading to the loss of approximately $115 million in bitcoin. The incident underscored the risks of single-key custody and accelerated demand for more resilient storage solutions.
Simplified Multisig With Institutional-Grade Insurance
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,
CoinCorner CEO Danny Scott said in a statement.
Customers can open a Vault and deposit any amount, though bitcoin does not move into the insured wallet immediately. Transfers typically occur on the first working day of the following month, and holdings are verifiable on-chain via a wallet address provided by CoinCorner. Top-ups are allowed at any time, and customers define their own identity verification rules before funds can be moved.
First of Its Kind Globally
According to CoinCorner, Vault is the first service of its kind worldwide — combining multisig key distribution, user-defined withdrawal policies, and Lloyd’s-backed insurance in a single managed product.
Removing the Technical Barrier to Multisig
Multisignature setups have long been the gold standard for security-conscious bitcoin holders, eliminating single-point-of-failure risk. However, traditional multisig requires assembling multiple hardware devices, generating and backing up several private keys, and tracking which key resides where — a process that has deterred all but the most technically committed users.
CoinCorner and AnchorWatch aim to change that. Vault handles key distribution on the customer’s behalf, delivering the security properties of multisig without the setup complexity that has kept most people from adopting it.
