AnchorWatch opens Nevada bitcoin custody with up to $370 million insurance per client
AnchorWatch opens as a Nevada-chartered bitcoin custodian
AnchorWatch Trust Company opened on Monday as a Nevada-chartered qualified custodian for bitcoin, offering flat-dollar custody fees and optional insurance coverage of up to $370 million per client.
The company said the Nevada Financial Institutions Division authorized it to provide custody services, according to a statement shared with The Block. Qualified custody means a regulated arrangement for holding crypto on someone else's behalf.
Flat fees instead of a share of assets
AnchorWatch said it charges fixed dollar fees based on the size of a client's vault, not a percentage of the bitcoin it holds. The monthly fee is capped at $10,000.
Once a client reaches that cap, buying more bitcoin or a rise in the value of existing holdings will not increase the custody charge, the company said.
Key details at a glance
- Monthly custody fee is capped at $10,000, based on vault size.
- Insurance limits reach up to $370 million per client, subject to underwriting approval.
- Clients can choose between two setups for controlling the bitcoin keys.
- The insurance is backed by Lloyd's of London syndicates rated A+, according to the company.
Two ways to split control of the keys
Under the company's main model, AnchorWatch holds the keys needed for qualified custody, while clients, trustees or executives can hold additional keys. In the second model, key control is shared among AnchorWatch, BitGo in the U.S. and CoinCorner, which is based in the Isle of Man.
Keys are the secret codes that let someone move bitcoin, so whoever holds them controls access to the funds.
What the Lloyd's-backed insurance covers
The insurance is optional. AnchorWatch said it has authority to write policies with limits of up to $370 million per client, subject to underwriting approval, and that policies are issued in the customer's or entity's name.
Covered losses can arise from several risks, including violent coercion and kidnapping, the company said. Policies can also cover fraudulent conduct by AnchorWatch that results in a bitcoin loss, subject to underwriting approval, policy limits and other terms.
Who the service is aimed at
AnchorWatch named fiduciaries, public companies, trusts and high-net-worth individuals as its clients. A fiduciary is a person or firm legally responsible for managing assets for someone else.
Which claims have not been independently confirmed
The details of the Nevada authorization and the insurance limits come from AnchorWatch's statement to The Block. The report does not include separate confirmation from the Nevada Financial Institutions Division or from Lloyd's.
For that reason, the regulatory approval and the $370 million figure should be treated as company statements rather than independently verified facts.
What is still unclear
- What the optional insurance costs and which risks are excluded.
- Whether every client would qualify, since coverage depends on underwriting approval.
- How much bitcoin the company will hold and who its first clients are.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.