Global leaders in security and infrastructure solutions for crypto assets and blockchain technology applications, Ledger Vault today secured a massive crime insurance policy to cover digital assets on the platform.
Moreover, the insurance policy was secured through the help of top insurance broker, Marsh and underwritten by Lloyd’s of London Syndicate member Arch Insurance. Demetrios Skalkotos, global head of Ledger Vault, commented on the news and said:
“The policy also covers the clients’ onboarding process, their personal security devices and the secure encrypted communication channel that is established when using the Vault platform. This unique policy is a true end-to-end solution that gives our customers the flexibility to both store and move funds without compromising on security and governance.”
Insurance on Crypto on the Rise
In particular, CipherTrace research firm previously estimated that; more than $4 billion worth of cryptocurrency was lost through theft and fraud through 2019.
Furthermore, the news follows the launch of Bakkt’s custody service earlier this week. Bakkt was thought to be alone in obtaining a significant insurance coverage of $125 million for its Bakkt Warehouse offering. However, Bakkt has not disclosed the name of the entity that has underwritten their insurance policy.
Additionally, Cardiff-based cryptocurrency insurance startup Coin cover launched a cryptocurrency insurance offering back in September. Coincover reportedly monitors the wallet at all times and it gives warnings if it sees suspicious activity.
Ideally, Ledger’s institutional service, Ledger Vault, provides businesses with a multi-signature system; that includes individual hardware wallets for interacting with the Vault; as part of a Hardware Security Module that segregates signing, governance and currency scripts for transactions; from the chain and managed services and the user interface integration.