AnchorWatch Trust Company has begun operating as a Nevada-chartered qualified bitcoin custodian, offering fixed-dollar custody fees capped at $10,000 a month and optional insurance of up to $370 million for each client.
The company said the Nevada Financial Institutions Division had authorised it to provide custody services. Its prospective customers include fiduciaries, public companies, trusts and high-net-worth individuals seeking qualified bitcoin custody.
AnchorWatch said its service is designed to provide clients with custody arrangements in which control of the keys needed to access bitcoin can be distributed between the company and other trusted parties.
Under its flagship model, AnchorWatch Trust Company retains the keys required for qualified custody, while clients, trustees or company executives may hold additional keys.
A second option divides control between AnchorWatch Trust Company, BitGo in the United States and CoinCorner in the Isle of Man, according to the company.
The firm said its charges are based on the size of a client’s vault rather than being calculated as a percentage of assets under custody. Monthly fees are capped at $10,000, meaning further bitcoin purchases or an increase in the value of existing holdings will not result in a higher custody charge once that ceiling has been reached.
AnchorWatch is also offering optional insurance underwritten by A+ rated Lloyd’s of London syndicates.
The company said it has authority to write policies providing up to $370 million in cover for each ATC client, subject to underwriting approval. Policies are issued in the name of the customer or relevant entity.
Cover may apply to losses caused by a range of risks, including violent coercion and kidnapping.
It may also protect against bitcoin losses resulting from fraudulent conduct by AnchorWatch, although such claims remain subject to underwriting approval, the policy limits and other terms of the insurance contract.
