Copper, an institution-grade crypto infrastructure provider, has $500 million of insurance for digital assets in cold storage. The cover uses a panel of specialty insurer Canopius-led insurers and was arranged by Aon, a professional services firm.
The insurance covers employee collusion, third-party theft and physical loss, according to a press release, and accompanies Copper’s existing Aon-brokered crime insurance policy.
Copper cites a growing demand for cold-storage solutions and offline protection from institutional-level industry and market participants as driving its insurance solution.
The firm’s announcement comes less than 24 hours after embattled crypto exchange FTX halted user withdrawals — freezing many customers’ funds in the process and putting the topics of cold storage and offline custody toward the forefront of the discussion.
“People have a legitimate reason to worry about the security of their digital assets if one of the world’s largest centralized exchanges ends up in financial difficulties,” Pascal Gauthier, CEO of Paris-based Ledger, said in a statement. “The message has never been more urgent: If you don’t own your keys, you don’t own your crypto, regardless of whatever reassurances are published in the coming days.”
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Source: https://www.theblock.co/post/184601/copper-cold-storage-insurance-fund-500-million?utm_source=rss&utm_medium=rss