CoinCorner launches Lloyd’s‑insured Bitcoin custody service

CoinCorner introduced a new Bitcoin custody product, called Vault, for its UK users. The service applies a 1.5% annual fee, billed monthly, and relies on a multi‑signature architecture that splits control of the private keys between CoinCorner and insurance‑custody provider AnchorWatch.

How the vault works

Vault uses a two‑of‑two multi‑signature wallet. CoinCorner holds one private key, while AnchorWatch holds the second. Neither party can move the Bitcoin alone, eliminating a single point of control. AnchorWatch’s Trident infrastructure adds protocol‑level scripts and time‑locks to support recovery and governance rules.

Insurance coverage

The Bitcoin stored in Vault is covered by a policy underwritten through the Lloyd’s of London market. The cover applies to losses caused by lost keys or unauthorized access, but the public material does not detail limits, exclusions or protection against price movements, insolvency, or other operational risks.

Fees and flexibility

• Annual fee: 1.5% of the Bitcoin balance, calculated and billed on the first day of each month.
• No long‑term commitment; users can add or withdraw Bitcoin at any time.
• Deposits made after the first day of a calendar month are recorded in the balance for the following month.
• Withdrawals are returned instantly to the user’s standard CoinCorner Bitcoin balance.

Regulatory context

CoinCorner’s crypto services remain outside FCA regulation and are not protected by the UK Financial Services Compensation Scheme (FSCS). The company is based in the Isle of Man and operates under local licensing, while its electronic‑money services are provided through an FCA‑authorized partner, Mercury Foreign Exchange Limited. The launch comes as the UK prepares to introduce a full‑authorisation regime for crypto‑asset custodians, scheduled for October 2027.

Additional custody options

AnchorWatch also offers a three‑institution configuration that includes BitGo, providing a two‑of‑three multi‑signature arrangement for U.S. customers. Insurance for that setup is optional and priced separately.