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. Online wallets used to store bitcoins have been subject to a number of cyber-attacks and some users have also suffered from accidental loss.
Insurance payouts will be calculated using the Bitcoin to US dollar exchange rate at the time a claim is made. Elliptic's focus is on storing bitcoins as securely as possible, using what Mr Robinson calls "deep cold storage" techniques.
Bitcoin keys are encrypted and stored offline.
There are multiple copies, protected by layers of cryptographic and physical security. The copies are accessible only via a quorum of Elliptic's directors. Illicit financing Elliptic's launch comes as Bitcoin has bitcoin how to store ni making news around the world, with governments deciding how to legislate for the currency.
Singapore has become one of the first countries to issue guidance on taxation for Bitcoin businesses, although it also said it was monitoring transactions to detect illicit financing by criminals and terrorists. Bitcoin was less fortunate in China, where the largest online marketplace, Alibaba Group's Taobao, said it would ban virtual currencies.
Blockchain Lab The new offices coincide with the opening of the first blockchain research lab in Belfast in collaboration and partnership with Universities in the Belfast area.
In December, the country's central bank ordered financial institutions to halt Bitcoin-related services and products. There was a breakthrough for the currency in the US, however, where Overstock.