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Marsh has arranged a $150 million insurance policy from Lloyd’s through Arch. This sum will be used to custody various types of cryptos for users of the Ledger Vault technology platform.
A global leader in securing crypto assets and one of the most popular hardware wallets Ledger has decided to lure investors to custody their digital assets using its wallet. To achieve this goal, Ledger has partnered with a famous insurance broker Marsh that will help in securing insurance.
Marsh has already arranged a $150 million insurance policy from Lloyd’s through Arch, its London-based syndicate. This sum will be used to custody various types of cryptocurrencies for users of the Ledger Vault technology platform.
Our B2B solution, the Ledger Vault, has obtained a groundbreaking custom crime #insurance policy, insuring the #crypto assets managed through it for up to a massive $150 million!
Read more: https://t.co/0BhDNnj9Iz#LedgerVault pic.twitter.com/9ecQnsK02C
— Ledger (@Ledger) November 14, 2019
This initiative not only marks the entrance of Ledger Vault to services for institutional investors but also signifies the penetration in the crypto industry by both the firms. As the companies have explained, the Ledger Vault insurance allows individual companies to opt to get their own insurance in addition to Ledger’s platform-wide cover. Customers will be protected from the loss of their private keys in both the case of a physical breach of a hardware security module (HSM) in a Ledger data center and an insider employee theft. Besides, customers will not have to pay any extra fees for the insurance cover.
Demetrios Skalkotos, global head of Ledger Vault, commented:
“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.”
“The combination of Ledger Vault’s secure hardware and software operating systems, along with our governance protocols, allowed Marsh and Arch to expand standard cold storage coverage to the Ledger Vault solution. 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.”
It has been revealed that during the past year, Marsh has been working with Ledger on developing this insurance policy. According to James Crome, vice president at Arch specie, it took spent six months for the underwriter to complete the customized offering for Ledger’s customers.
“This $150 million policy underscores just how impressed we are with the security technology platform they’ve built,” stated he.
Many crypto firms have already considered insurance covers and came up with their offers, most of which are connected with providing custodian services. For example, recently, Bakkt announced the launch of its custody service earlier this week. But in comparison with other companies, Ledger Vault does not offer custodian services but allow investors to use its technology to custody their crypto assets.