Frequently
Asked
Questions

Trident is AnchorWatch’s proprietary vault software that coordinates secure cold storage of Bitcoin across multiple signing devices held by customers and by AnchorWatch. It’s available for use by AnchorWatch insurance customers and is configured to insured custody standards.

Trident users can send and receive Bitcoin from Trident, practice coin control (UTXO management). Seamless buy and sell functionality coming soon!

From the Trident Dashboard, customers can access all information related to their insurance policy, update limits and file insurance claims.

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AnchorWatch policies are backed by Lloyd's of London syndicates and are written on A+ rated Lloyd's of London paper.

The AnchorWatch Flagship Trident policy is custody insurance, intended to give Bitcoin owners peace of mind surrounding the storage of their Bitcoin. Policies cover the value of an owner’s Bitcoin stored in Trident Vault and are denominated in dollars with a 12 month duration.

The policies are specie coverage, similar to fine art or precious articles policies, sold on a Property & Casualty line and include some elements of Crime coverage.

See Policy for terms, conditions, coverage and exclusions.

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AnchorWatch policies are 100% backed by Lloyd’s of London syndicates and are written on  Lloyd’s of London paper, rated A+ by AM Best. 

AnchorWatch policies are priced in USD, as a percentage of the value being insured. Rates range between .55% and 2% annually of the vault's value based on a prospective customer’s unique risk profile. Many customers will qualify for a rate under or near 1%. The quoted rate includes both the insurance premium and a Trident Services Fee (TSF). A customer can earn rate discounts by opting for higher security options during the insurance application.

The insurance premium is paid in full at the start of the policy.

The TSF is waived for the first $250k of bitcoin in the vault and is charged at no more than .25% of the vault’s remaining value, charged monthly based on the average daily value of the vault during the preceding month. The TSF includes all custody technology and AnchorWatch support services. AnchorWatch completes compliance and signs all customer transactions; one transaction is included quarterly at no extra charge.

In the case of an approved claim benefit, there is a 10% or a 25% deductible. This and other options to earn discounts are selected by the customer during the insurance application. There is a one time Onboarding Fee, which is refundable in the case that insurance coverage is denied for any reason.

AnchorWatch policies cover a permanent loss of ability to control the bitcoin in an insured Trident Vault. See policy for exact coverage, terms, conditions and exclusions.

Examples of covered losses include loss of keys due to physical perils such as tornadoes, fires, floods and wildfires; theft of keys including coercion and violent events (‘$5 Wrench Attacks,’ burglary); collusion where both AnchorWatch and customer acted in concert to commit fraud.

Yes. AnchorWatch insurance policies cover a customer's specific bitcoin held in a specific UTXO and is never comingeld with other customers' bitcoin.

Each customer vault is segregated and protected by a customer’s unique set of private keys. Customers generate their own private keys and AnchorWatch never has access to them. AnchorWatch never has the ability to unilaterally move a customer's bitcoin. This can be verified in the vault's output descriptor on the bitcoin blockchain.

Our insurance is built around the unique security features enabled by Trident and  the distribution of keys and key signers across multiple physical locations. At this time we only insure Bitcoin held in Trident vaults.

If you would like insurance on another Bitcoin custody platform, please inquire at hello@anchorwatch.com. AnchorWatch will consider custom policies with limits of at least $25M.

The bitcoin held in an insured Trident vault is offline cold storage.

Customers can access their Trident dashboard online at any time, but the private key material itself is offline. Private keys held on signing devices (hardware wallets) by the customer and AnchorWatch, both of whom are required signers on each transaction.

AnchorWatch provides the customer with factory sealed signing devices and the customer generates their own private keys, so AnchorWatch never has access to or a backup of customer key information.

Secure custody of Bitcoin is your number one priority and ours too. Here’s why you can trust Trident to secure your Bitcoin in cold storage: 

1. Trident code and Trident vaults are audited by three independent external firms who are all leaders in their fields. Most recent audits were completed by Halborn, Doyensec and the lead cryptographers at Blockstream.
2. Vaults created in Trident are bitcoin native technology can be accessed via Bitcoin Core in the case of emergency - even if AnchorWatch or Trident are permanently unavailable. When a Trident Vault is created, customers are provided the vault’s Recovery Script and the information required to control their Bitcoin, so long as they still have their signing devices.
3. Trident vault configurations themselves can be audited by outside parties if a customer wants additional assurances. The output descriptor of a customer's vault can be verified prior to depositing bitcoin in it to confirm that AnchorWatch can never unilaterally control a customer’s Bitcoin.

AnchorWatch holds keys that are required for sending Bitcoin from an insured vault (in addition to the customer signing devices), during the length of your insurance policy. While AnchorWatch never has unilateral control, the requirement that AnchorWatch sign a transaction helps to mitigate the risk of losses of client funds due to loss of signing devices, coercion and internal collusion.

AnchorWatch keys are more than just a back up plan: Trident is built using Miniscript, which is bitcoin-native tech that allows time locked recovery paths and configuring vaults so multiple entities are both required signers.

Specifically, a customer holds their own 2-of-3 multisig AND AnchorWatch holds its own multisig keyset. Both keysets must independently complete their signatures before a transaction can be broadcast to the Bitcoin network.

AnchorWatch never has the customer’s private keys. The customer creates their own private keys on their own signing device during the Onboarding Call. AnchorWatch provides the customer with three factory sealed signing devices. AnchorWatch never has the ability to unilaterally move a customer’s Bitcoin, in any circumstance. 

If a customer’s keys are all lost or stolen, the Bitcoin may be able to be salvaged by AnchorWatch and their emergency key recovery partner, using a time locked spending condition enabled by Trident’s use of miniscript. This is advantageous for the customer as the possibility of recovery without filing an insurance claim means that there would be no deductible.

Customers are provided with their vault’s Recovery Script, which allows them to control their vault using Bitcoin Core, even if AnchorWatch and Trident are permanently unavailable, so long as the customer still has access to their signing devices.

Customers initiate a transaction in Trident, and then must complete two signatures using their signing devices.

AnchorWatch generally completes internal compliance activities and completes transaction signatures within one to two business days after customers complete signatures.

You choose your insurance limit in dollars and pay your premium when signing up for your policy. If you'd like to change your limit during the policy you can easily do so by contacting your agent.

You get exactly the amount of insurance you pay for. Similar to a fine art insurance policy, you might have a painting appraised at $10M and buy a $10M insurance policy. If the art market is very hot that year, and your painting is now worth $14M, you can either contact your insurance agent to increase the limit to $14M and pay prorated portion of additional premium, or you can opt to remain underinsured.