Reinsurance News

Canopius provides $50m of coverage for digital assets firm

5th October 2022 - Author: Matt Sheehan

Global specialty re/insurer Canopius Group has provided $50 million of insurance coverage for digital assets financial services ecosystem, Matrixport.

crypto-currencyThe coverage applies to digital assets help in cold storage with Cactus Custody, the institutional custodian for Matrixport.

This storage solution safeguards funds and digital assets under custody for over 200 institutional clients across 3 continents.

The $50 million specie insurance coverage has been tailored to Cactus Custody’s risk requirements to enhance its protection of client’s assets for employee collusion, third party theft and physical loss or damage of private keys.

The coverage will extend to include major cryptocurrencies and NFTs and will continue to expand as Matrixport and Cactus Custody extend its support to more types of digital assets in the future.

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“We are glad to announce this insurance coverage by Canopius, one of the largest Lloyd’s of London syndicates. Client’s asset security is the top priority for Cactus Custody™, a qualified custodian, and Matrixport, a crypto financial institution,” said Cynthia Wu, COO of Matrixport.

“The insurance coverage enhances our custody offerings and empowers clients to leverage our ecosystem in a meaningful way, especially for institutional clients where insurance coverage is a compulsory requirement,” she continued.

“This is a significant milestone and a testament to our commitment to provide our clients with secure, transparent, and efficient institutional custodian services in the digital era.”

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