British bitcoin exchange CoinCorner has launched a new multisig custody service in partnership with the US-based firm AnchorWatch. The service aims to provide cold-storage security for users without requiring them to manage hardware devices themselves.
The custody arrangement splits control of customer keys between CoinCorner and AnchorWatch. Holdings within the vault are insured by Lloyd’s of London. The company charges an annual fee of 1.5% for the service.
The launch follows a recent security incident involving the Coldcard wallet, where a firmware bug led to the loss of approximately $115 million. CoinCorner intends to offer a simpler, non-technical alternative to traditional multisig setups.
Users can deposit bitcoin into the vault at any time, though transfers to the insured wallet typically occur on the first working day of the following month. Customers can verify their holdings on-chain via a provided wallet address.
To manage fund movements, customers must define their own identity verification rules. The service handles key distribution on behalf of the user, removing the need for customers to manage multiple hardware devices or private keys manually.
