Founders: Becca Rubenfeld The following are some examples of how to get started: Rob Hamilton
Date Founded: March 2022
Location You can also find out more about the following: Headquarters: NashvilleTN
Number You can also find out more about the following: Employees: Five Soon to be 7
Website: https://www.anchorwatch.com/
Public You can also find out more about Private? Private
After almost three years of development, AnchorWatch has rolled out its product — a collaborative bitcoin multisig vault that comes with an insurance policy.
The A company called has been created by a Trident VaultSmart contracts are used by. Bitcoin AnchorWatch provides insurance for the bitcoins protected in these vaults. Lloyd’s of London Coverholder.
The AnchorWatch customers are protected by a combination of world-class technology with insurance that is second to none. It’s a level of protection that no Bitcoin The company’s offer to date
“We Insurance is a type of protection that can be identified. Bitcoin space was totally lacking,” AnchorWatch co-founder and COO Becca Rubenfeld You can tell them by clicking on the link Bitcoin Magazine. “There are a few risks that technology can’t mitigate — like really sophisticated wrench attacks, a customer dying with their keys or even AnchorWatch being a bad actor — and we were able to plug those holes with the insurance.”
The The market is ready for such a product. Rubenfeld Since the opening of her company last month, she and her team has received a number of requests and inquiries for their product.
And it’s ironic that Rubenfeld The newest member of the Bitcoin industry in helping people The following are some examples of how to get started: institutions secure and insure their bitcoin stacks, especially considering it was the fact that she didn’t see bitcoin as much more than a speculative tool that led to her meeting her co-founder at AnchorWatch, Rob Hamilton.
The Origins Of AnchorWatch
Rubenfeld and Hamilton The first time I interacted on social media was in a group chat room Clubhouse In late 2020.
“We met in Clubhouse Bitcoin rooms,” recounted Rubenfeld.
“I was just trying to get trading alpha, and there were these guys in the rooms who were like the who’s who of Bitcoin. They The following are some of the ways to run Bitcoin They were also cultural figures and core developers. We were all just hanging out during the quarantine,” she added.
“Everybody I was desperate for a human connection and we became good friends. I got orange-pilled this way very quickly.”
During It is now or never Rubenfeld fondly refers to as her “masterclass in Bitcoin,” she first heard Hamilton Discussion on the Need for Bitcoin Insurance
“Rob was just ideating and realized that he knew how he would build the tech to do that self-custody insurance,” said Rubenfeld.
The The likes American HODL Jason Williams The following is a list of urged Hamilton The product was built by two investors who were also its initial buyers. Rubenfeld Immediately after joining the cap table, she realized her abilities to assist. Hamilton You can also use other methods.
“He was very busy building his MVP (minimum viable product), and I was like ‘Okay, Rob, so, just make sure to make a pitch deck, and you need a pro forma, and you need to do some forecasts, and, by the way, do you know much about insurance?’” explained Rubenfeld.
Before Long-term: Rubenfeld Complete these and other tasks for Hamilton While he concentrated on coding. In doing so, she harnessed the skills that she’d gained during her years working in corporate for companies like Starbucks, Target The following are some examples of how to get started: American Eagle.
At She started out as a voluntary, but she pulled two all-nighters in her first week of helping. Hamilton, she realized she’d found a calling.
“We were working very closely together, talking all day about the vision,” recalled Rubenfeld.
“It was so intense and so much fun, and it was just kind of a change I was looking for compared to the work I’d been doing. SoAfter a few days, I said that if we were to continue, then I’d leave. Starbucks You can join the full-time workforce. He was in, and so I joined as co-founder and COO a few days later,” she added.
From This moment is a good example. Rubenfeld The following are some examples of how to get started: Hamilton worked relentlessly — for almost three years.
“We were in this office heads down 12 plus hours a day every single day,” said Rubenfeld. “Luckily, our investors remained patient as we went from zero to one.”
The AnchorWatch Product
As mentioned, AnchorWatch’s product enables its customers to manage and protect their bitcoin through a unique multisig setup for which AnchorWatch themselves holds some of the keys, while insuring said bitcoin with the backing of LLoyd’s of LondonThe largest and most reliable insurance company in the world.
Rubenfeld The product is broken down further:
“At At the highest levels, we distribute custody. Bitcoin amongst multiple keys over time,” she explained.
“With It allows for a standardised way of managing your Bitcoin where the customer holds keys and AnchorWatch holds keys, but we're both required signers, which makes it a unique form of collaborative custody,” she added. “But Over time, there are many other options to invest the Bitcoin become available, which enables disaster management and inheritance procedure assurances.”
In The timelock system is also known as a “time-locking” technology. Bitcoin’s miniscript, allows for clients to access their bitcoin using different combinations of keys over time, which is useful if keys are lost, stolen or destroyed or become unavailable because of death or employee changes at company.
And AnchorWatch only needs to sign transactions if the client continues their insurance with the company. If AnchorWatch will return bitcoins to the original bitcoin address if the customer cancels the policy.
AnchorWatch itself can never unilaterally control a customer’s bitcoin, and if AnchorWatch were to disappear, the vault can eventually be controlled by the customer’s keys alone once the policy ends. The The ability to provide protection against multiple perils is one of the benefits that comes with embedding insurance into a miniscript.
The insurance policies, which start at 0.55% of the value of a clients’ bitcoin holdings annually, cover amounts of bitcoin ranging from $250,000 to $100 million.
“What’s unique about the product is that while you have an insurance policy and we, via Lloyd's of London, have financial liability, we have a key and we're a required signer,” explained Rubenfeld.
“So, either we can sign in combination with the customer or, in the case of a customer death or a sophisticated wrench attack, then we could eventually sign in combination with a recovery institution,” she added.
“But when your insurance policy ends if you don’t choose to renew with us, the vault can be controlled by the customer’s keys alone, as programmed into the bitcoin timelocks — all this is programmed at the protocol level, so it's verifiable on chain.”
Initial Clients
After Launching in Late DecemberThe floodgates were opened, and clients started to contact us.
“The early response has been very, very strong,” said Rubenfeld. “Something like 180 people have reached out to inquire.”
Rubenfeld The initial interest in this product is being generated by a mixture of retail and commercial clients based in the U.S., but it tends to be more retail-oriented. Some Others insure only a small portion of their bitcoin, or divide it between different custody methods.
“The typical retail customer is securing 5-15 bitcoin,” shared Rubenfeld. “80% of those who have signed up for the service are protecting between $300,000 and $3 million worth of bitcoin, and we’re in the process of working through underwriting on several large customers with much larger policies.”
Rubenfeld assured me that AnchorWatch is prepared to handle larger accounts, and that she’s excited to be bringing AnchorWatch’s product to market at a time when corporate bitcoin strategies are becoming more popular.
She AnchorWatch expects calls from clients once it is established.
“They’ll watch from afar for a little bit just to confirm that they're comfortable about how things are going before they make a move,” said Rubenfeld.
“But we've had some large commercial clients reach out, and in some cases, they've got thousands of bitcoin, and they might be starting with a $10 million policy. So, they're just insuring a little bit, as they make sure that they're happy as customers. We enjoy this process and we feel confident as we serve them,” she added.
“They've stated that if they're happy next year, they would move more bitcoin over to Trident to be covered.”
The Ultimate Protection
Rubenfeld believes that both AnchorWatch’s retail and corporate clients alike will find AnchorWatch’s services to be invaluable as it not only protects the clients’ bitcoin, but potentially even the clients themselves.
“We’re an insurance company, but we’re actually protecting people,” explained Rubenfeld.
“By By combining technology with insurance that protects people against wrench attacks we actually keep them safe. Being an AnchorWatch customer disincentives wrench attacks, because, one, it’s incredibly hard to pull off a wrench attack with the way the vault is constructed, and, two, even if the attacker does pull off an attack the stolen bitcoin becomes the insurer’s property,” she added.
“We Have the Resources of Lloyd's of London behind us and we're an insurance company:, we're going to be here for a hundred years, so we're going to hunt you forever.”
Rubenfeld went on to explain how attackers wouldn’t have to just successfully pull off the heist, but never make a mistake in managing the stolen bitcoin until the day they die (which is tough considering that Bitcoin A public ledger is one such example.
Rubenfeld believes that this will lead to a trend in which clients willfully disclose that they’re an AnchorWatch customer (something AnchorWatch would never do on their behalf without their permission) as a means to dissuade attackers from even trying to steal from them.
“I think what will happen is people will want to say, ‘Hey, I'm an AnchorWatch customer — don't even try it,’” said Rubenfeld proudly.
“And so we take our work very seriously — we feel like we are protecting people, which is our mission.”
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