Digital asset custody provider Copper.co has acquired US$500m of insurance for digital assets in cold storage. Cover has been arranged by Aon, using a panel of insurers led by re/insurer and Lloyd’s syndicate Canopius. The move follows a rigorous assessment of Copper’s risk management protocols.
In recent years, the value of digital assets has grown exponentially to a current market capitalisation of just over US$1trn. This growth has driven increased demand for cold storage and generated the means to protect crypto assets offline, particularly as institutional engagement in this new asset class has come to the fore. In response, Aon and Canopius have worked in partnership with Copper to tailor a solution that meets their requirements.
The cold storage insurance provides cover for employee collusion, third party theft and physical loss or damage to digital assets held in hard drives. Copper’s new policy is in addition to their existing bespoke Aon-brokered crime insurance policy, with the aim of strengthening the custodian’s security proposition for its clients.
Greg Hall, chief of staff at Copper.co, said: “Safeguarding digital assets is the central goal of our business, and now we have an extra level of security to reassure our clients. Copper will continue to work closely with the insurance market to ensure we have the most appropriate, market-leading policies to support the growth of our business.”
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