New Bitcoin Service Offers Insured Deposits

First of its kind

A Bitcoin storage service that insures deposits of the digital currency against loss and theft has launched in London.

Elliptic Vault uses "deep cold storage", where private encrypted keys to bitcoins are stored on offline servers and in a secure location.

The facility's founders say they are the "first in the world" to offer insurance for Bitcoin owners.

Stolen bitcoins cannot be recovered as all transactions are irreversible.