Chris Seedor, co-founder and CEO of Bitsurance, spent 1,500 bitcoin on a graphics card in 2011, a purchase now worth more than $90 million. Seedor received the bitcoin from a friend while he was a university student in Germany and did not initially see value in the digital currency. Fifteen years later, Seedor has built a business helping bitcoin holders protect their self-custodied assets through insurance coverage and steel seed phrase backups.
Seedor Creates Steel Seed Phrase Backup Product
Seedor, a mechanical engineer, developed a stainless steel seed phrase backup called the Seedor wallet. The project took more than six years to develop into a business venture. Seedor described the steel backup as "the most primitive form to store the most advanced sound money."
Bitsurance Offers Coverage Up to €500,000 for Hardware Wallet Bitcoin
Bitsurance sells insurance coverage for bitcoin held on hardware wallets. The company insures clients' bitcoin against fire, flooding, physical attacks and robbery. Bitsurance policies are underwritten by Liberty Specialty Markets, which is part of the Liberty Mutual Group. Customers who make claims on lost bitcoin are compensated in fiat. The firm offers coverage of up to €500,000, according to Seedor.
Security Concerns Drive Insurance Product Development
Seedor cited concerns about physical attacks on bitcoin holders as motivation for creating the insurance product. "I always had this fear of the $5 wrench attack," he told The Block during an interview at BTC Prague. "What if somebody comes to my house, kicks my door and threatens me or my family?" Seedor referenced violent attacks on people in France, including a kidnapping attempt targeting the wife of Sebastien Borget, co-founder of The Sandbox.
FAQ
What did Chris Seedor spend 1,500 bitcoin on in 2011?
Chris Seedor spent 1,500 bitcoin on a graphics card in 2011. He received the bitcoin from a friend while he was a university student in Germany.
What does Bitsurance insure bitcoin holders against?
Bitsurance insures bitcoin held on hardware wallets against fire, flooding, physical attacks and robbery. The company offers coverage of up to €500,000, and policies are underwritten by Liberty Specialty Markets.
