CoinCorner prices Lloyd's-insured bitcoin custody at 1.5 per cent of the balance a year

Vault costs 1.5 per cent a year, billed monthly on the bitcoin balance recorded at the start of each month ^[7]. That is 0.125 per cent a month ^[1], and five years of it costs about 7.3 per cent of the coins when the fee is paid out of the stack ^[3]. There is no long-term contract, and users can add funds at any time ^[8]. Withdrawals go back to a standard CoinCorner bitcoin balance, after which ordinary on-chain fees may apply ^[9].

Because the charge is struck on the balance at the start of the month, coins deposited later in the month are not in that month's fee base ^[6].

Then the quorum. CoinCorner holds one signing key and AnchorWatch holds the other, so neither firm can move funds alone ^[4]. A two-of-two arrangement tolerates no lost key, while a two-of-three tolerates one ^[4], and earlier in 2026 the same two firms worked on a broader multi-institution custody model that can put BitGo into a two-of-three ^[13]. In Vault the work a third signer would do is done by the policy, which addresses loss of keys and unauthorised access ^[5]. Coverage is underwritten in the Lloyd's of London market, according to both companies ^[6], and AnchorWatch is a Lloyd's coverholder ^[3].

CoinCorner chief executive Danny Scott has said the partnership lets the exchange offer insured multi-signature custody without forcing customers through a technical setup ^[16]. AnchorWatch chief operating officer Becca Rubenfeld has described the design as keys split across independent firms and jurisdictions, backed by Lloyd's capacity, and simple enough for non-specialists to use ^[17]. Both descriptions are about the user experience: cold storage without assembling hardware wallets, managing seed phrases or running a multi-sig setup ^[18]. The published terms give a single headline rate and no split between premium, custody cost and margin ^[7]. The material does not say whether the cost of running the quorum scales with the balance. The charge does.

One exchange, one coverholder and one published rate gives a price and not yet a market, and the material shows no second retail venue matching the terms. My read is that 1.5 per cent a year prices this to holders whose stacks are small enough for the percentage to stay modest in absolute terms, and whose realistic alternative is a seed phrase in a drawer. The counter-thesis is strong: the launch sits against a wider debate about storage after high-profile hardware-wallet losses and social-engineering attacks ^[19], and a holder who has already lost coins that way will pay a percentage of the balance without doing the ten-year arithmetic. Vault has been framed as giving retail holders protections previously associated mainly with large institutions ^[20].