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Munich Re backs Amber Group digital asset cover by Arch & OneDegree

21st June 2022 - Author: Matt Sheehan

Global digital asset platform Amber Group has secured insurance coverage for its wallet infrastructure from Arch Syndicate 2012 at Lloyd’s and insurtech firm OneDegree, which is supported by a multi-year reinsurance partnership with Munich Re.

Fintech image via George Washington UniversityThe comprehensive global insurance coverage will protect digital assets held in Amber Group’s wallet infrastructure on behalf of clients, including direct insurance policy, indirect coverage and insurance-backed Theft Protection.

The cold wallet insurance represents the first digital asset reinsurance case in Asia for Munich Re, and Amber Group is currently working to build out a comprehensive global insurance plan that aggregates to over $100 million in coverage.

Amber Group has also implemented a proactive measure against fraud, loss and theft via Coincover’s insurance-backed Theft Protection, a technology insured by certain underwriters at Lloyd’s of London.

The technology provides an added layer of protection to secure Amber Group’s digital assets as it monitors for and prevents transaction anomalies from unauthorized access.

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“The global crypto market is expanding exponentially, but the rise of cybercrime incidents in the crypto space is still a major concern for many investors. As we continue to drive the adoption of digital assets worldwide, Amber Group is extremely committed to upholding the highest standards in security for our customers,” said Amber Group CEO Michael Wu.

“Security, reliability and privacy are the core tenets of our industry and these are the very same factors that will determine overall industry success as we work to realize the future of finance,” he continued

“Our company is proud to serve as a trusted digital asset platform for our customers, and we will continuously provide our customers with the most robust security measures and global insurance coverage for our wallet infrastructure possible.”

OneDegree co-founder and CEO Alvin Kwock also commented: “We are pleased to provide OneDegree’s digital asset insurance to Amber Group. Amber Group has demonstrated competency in security, control and process integrity, through our comprehensive underwriting review by OneDegree’s proprietary cyber security solution Cymetrics and by our reinsurer partner Munich Re. OneDegree will continue to bring our expertise and insurance capacity to serve the broader web3 community and transform the industry with enhanced security and trust.”

“We’re proud to be supporting such a pioneering company in their mission to make crypto safer,” added Coincover CEO David Janczewski.

“By combining Coincover’s proactive theft protection technology with comprehensive insurance coverage, Amber Group is truly leading the way in reducing the risk exposure of crypto investors across the world. We’re excited to see how this impacts the wider adoption of digital assets and crypto finance.”

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