The new policy brings Crypto.com’s total cryptocurrency insurance to $360M, including direct and indirect coverage via custodians. 04 Feb 2021. In May, Binance lost $40m to hackers, followed by the Upbit hack in November which observed nearly $50m in losses. The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers. Lloyd’s – regarded as the world’s leading insurance market – announced on Tuesday it was launching a policy specifically designed to protect crypto held in online wallets. The broker who arranged Kingdom Trust’s cover, Illinois-based Safe Deposit Box Insurance Coverage (SDBIC), said this is likely because there’s still a bit of hesitancy in the marketplace about the asset class. In fact, Lloyd’s of London announced on Tuesday, August 28th that they will be offering crypto insurance. Lloyd's underwriters will cover a growing threat to the cryptocurrency market (Credit: PixaBay) The Lloyd’s of London insurance market has launched a new policy in conjunction with Coincover to indemnify cryptocurrency “hot wallets” against theft or other malicious hacks. Matt Jennings, CEO, Kingdom Trust, said in a statement, “We serve both institutional and individual investors by providing qualified custody, which gives our clients the framework they need to ensure compliance with their regulators using clear and transparent reporting.”. This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors. Today, a wide range of firms, large and small, are eyeing this space, driven by the allure of institutional investment, regulations permitting. Associating with Lloyd’s to secure the crypto insurance for Kingdom Trust is an interesting move as it could provide institutional investors more peace of mind when investing in crypto assets. A Lloyd's syndicate — a group of underwriters — called Atrium devised the policy in response to a surge in reports of the hacking of cryptocurrency accounts in in conjunction with Coincover. When everything is done using cold storage (not connected to the internet), an inside job or someone posing as someone else and asking for a transaction to be sent somewhere become the main threats, noted Jennings, hence the whitelisting. And Lloyd’s is also treading carefully; Lloyd’s corporation, which is the legal umbrella made up of groups of syndicates spreading risk across the market, would not comment on whether managing agents might be offering crypto theft cover, and the syndicates doing it were not named. The new policy brings Crypto.com’s total cryptocurrency insurance to $360M, including direct and indirect coverage via custodians. Lloyd’s Atrium Targets Crypto Insurance Scene. Insurance and reinsurance marketplace Lloyd’s of London has launched a new insurance policy designed to protect cryptocurrency held in online wallets against theft or other malicious hacks. Insurance giant Lloyd's of London launched a new insurance policy to protect cryptocurrency held in online wallets against theft from hacks. Lloyd’s of London has entered into an agreement with Kingdom Trust to provide cryptocurrency insurance services in digital asset ecosystem. “A lot of people are seeking insurance for hot wallets or what they call warm wallets and some people even call them cold wallets,” he said.
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