Digital wallet specialist Civic Technologies launches the first and only crypto wallet with such a guarantee.

Civic Technologies along with Coincover launches a unique and first-of-its-kind crypto wallet offering a US$1 million protection guarantee. (wealthadviser)

Dubbed Civic Wallet, the crypto wallet is currently in beta mode. Users signing up to use it will automatically receive the CoinCover cryptocurrency protection guarantee worth US$ 1 million. The user need not take any further steps to avail of this deposit guarantee. It covers all of the customer’s crypto holdings up to the protection guarantee value.

CoinCover is a Cardiff, U.K.-based risk management provider, underwritten by Lloyd’s of London. The product offered by CoinCover is a deposit guarantee, not loss insurance, and is similar to that available on credit cards and bank accounts.

A crypto wallet with unique protection

“We believe that everyone needs access to a neutral, trustworthy place to store their digital currency, especially in this extraordinary new financial climate. People are looking to move their digital currency so that they have more control and reliable, easy restoration if they ever lose access to their funds,” said Vinny Lingham, CEO, and co-founder of Civic. “Together with Coincover, we’re now ensuring that Civic Wallet users have this unique protection.”

According to Civic Technologies, the new wallet comes at an opportune moment, especially because consumers are entering the digital assets space in larger numbers. In the current global turmoil sparked by the coronavirus, various governments have taken crisis measures to stabilize economies. Therefore, during such turbulence, the wallet provides additional security for the consumer’s crypto wealth.

Features of the Civic Wallet

Consumers may load the Civic Wallet with various digital currencies such as USDC, bitcoin and Ethereum using their bank accounts. Furthermore, they can continue to store these assets on the wallet and use it around the world for transactions.

The owner can also remit the crypto wealth stored on the wallet to friends and family at low costs – even to third party blockchain wallets. Consumers need not fear losing their phones or to have their wallet frozen for any reason. Recovery of the wallet is simple, according to Civic Technologies.

Civic Wallet is a multi-signature wallet with three keys held by the client, custodian BitGo and Civic Technologies.

The beta version of Civic Wallet will be offered to persons on the list of preregistered users in a phased rollout.

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