Lloyd’s and Bitcoin storage firm talks break down

June 26, 2014 11:07 am

It has recently emerged that the relationship between Lloyd’s of London and bitcoin storage service Elliptic Vault broke down just weeks after Elliptic’s launch in January.

Elliptic Vault was the first insured bitcoin storage service in the world and was widely hailed as an important milestone for the industry.

The exact details of how the relationship between Lloyd’s and Elliptic broke down remain unclear, with Elliptic COO, Tom Robinson, saying it was his impression that Lloyd’s had pulled out “due to the high level of publicity” around the deal.

In turn, a Lloyd’s spokesperson claims Elliptic never actually finalised the deal with the insurer to begin with: “Enquiries were made about a policy, but the policy was not taken out.”

This further highlights the growing relevance of the digital currency. And as governments across the world shy away from the reality of the growing appeal of a digital currency, it seems that regardless of whether such deals materialise, industries such as insurance are keeping a close eye.