Palm Beach has launched its new international entity, Blockchain Deposit Insurance Corporation (BDIC), in Bermuda to enhance crypto security, with plans to apply for Lloyd’s Coverholder status soon.
BDIC is establishing its headquarters in Bermuda, with affiliate offices in Switzerland, Hong Kong/Greater China, Canada, and South America.
In the coming months, BDIC will seek Lloyd’s of London coverholder status, which would enable it to assess and underwrite complex cryptocurrency risks. This designation would allow BDIC to develop specialised insurance policies in collaboration with Lloyd’s syndicate members already serving the industry.
BDIC aims to transform cryptocurrency insurance by offering digital wallet coverage for preferred cryptocurrencies, strengthening security and trust in financial transactions.
Jeffrey Glusman, CEO of BDIC, said, “The traditional insurance industry is acknowledging the immense business opportunities in digital assets. Achieving Lloyd’s coverholder status will be a pivotal step in establishing a structured, reliable, and trusted insurance framework for the crypto market. BDIC is committed to ensuring financial security as global adoption of digital currencies accelerates. We will apply for Lloyd’s Coverholder status and announce our syndicate partner in the near future.”
BDIC will also announce its executive team, key hires, and third-party advisors supporting its decentralised application development, market strategy, and efforts to build a community-driven ecosystem.
Glusman added, “By securing digital wallets, we provide the missing mental component for crypto adoption: safety. Trust and confidence in security are essential for cryptocurrency’s integration into daily life, and our team is ready to play a crucial role.”
Update: The Bermuda Monetary Authority (BMA) has stated that if the BDIC were to launch an insurance platform featuring its own digital token, it would require a BMA-issued license if they were conducted by a Bermuda-formed company in or from within Bermuda.
The BMA has confirmed that BDIC is neither licensed nor registered to conduct regulated activities in Bermuda. Additionally, BDIC does not appear on the register of companies maintained by the Registrar of Companies, as required.
