AnchorWatch Trust Company launches Bitcoin custody service with $370 million insurance

AnchorWatch has launched its Nevada state-chartered trust company, offering qualified custody for fiduciaries, public companies, trusts, and high-net-worth individuals. The service, authorized by the Nevada Financial Institutions Division, opened on Monday. It targets public companies holding Bitcoin, a sector that has grown as more corporations add the asset to their balance sheets. AnchorWatch Trust Company provides a unique pricing model with fixed annual fees capped at 10000 dollars per month, allowing significant savings for large enterprises. The company offers two custody models: Flagship Custody, where AnchorWatch holds the keys, and multi-institution custody, distributing key control among AnchorWatch, BitGo, and CoinCorner. This model addresses concentration risk concerns among institutional Bitcoin holders. Clients can apply for insurance issued in their name, covering losses from various perils, with limits up to 370 million dollars per client, backed by Lloyd's of London. Insurance is available to U.S.-domiciled companies and individuals, while custody without insurance may be offered in other jurisdictions. AnchorWatch's custody platform, Trident Vault, has secured customer Bitcoin for 20 months and has undergone audits by security firms.