AnchorWatch Insurance Is Coming To Custodial Lightning Wallets

Rod Palmer

Mar 29, 2024 — 1 min read

Soon users of some of the most popular custodial lightning wallets in North America will be able to rest easy knowing their micropayments are insured against loss of mobile device, private keys, are from being rugged by their custodian thanks to a groundbreaking new regulated insurance product developed by AnchorWatch.

Strike, Wallet of Satoshi, CashApp, and Blink Wallet have partnered with AnchorWatch to pilot the new insurance program and will insure users for up to $250k. "Think of this like FDIC insurance." AnchorWatch CEO Rob Hamilton said in a press release. Later in the release Hamilton outlined some of the details as well as the cost to users. "Institutional customers who buy AnchorWatch coverage pay premiums as low as 1% annually to insure things like hardware wallets and multi-sig collaborative custody vaults. We realized we could bring this coverage to retail payment customers for a similarly low price."

User of the insured wallets will have their insurance premiums deducted from their wallets automatically each quarter and will pay additional fees on a per transaction basis if their deemed higher risk by AnchorWatch's ChatGPT assisted underwriting algorithm. In the event that they lose access to their funds, get rugged by their custodian, or in some case, if they get hacked or fall for a phishing scam, they can DM Rob Hamilton on Twitter directly to file a claim.

"These are really our first customers at AnchorWatch so I really don't have a problem helping all the plebs directly. If we need to, we can always start a Telegram or hire customer service agents. Right now, we're just focused on getting the word out to Bitcoiners that we're regulated, compliant, and ready to help them insure their custodial lightning balances which might be micropayments today but could be generational wealth in a few years."

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