Broker and consulting firm USI Insurance Services is to team up with platform GK8 to launch a new plan giving the latter’s customers up to $1bn of dedicated cover.
A joint statement from the two firms said that plan will allow GK8’s crypto custody solution offers access to the highest insurance coverage cap for digital assets.
GK8’s regulation-ready solution includes both a Cold Vault as well as a multi-party computation (MPC) Vault. The company’s unique Cold Vault can create, sign, and send blockchain transactions without receiving digital input from the internet. The Cold Vault is paired with a high-performance MPC wallet used for high-frequency automatic transactions, and the patented MPC can execute thousands of signatures per second, providing a decentralised, keyless infrastructure.
The insurance coverage offers GK8’s customers access to up to $1bn of insurance available for assets stored in the Cold Vault and up to $125m for assets stored in the MPC.
Lior Lamesh, GK8’s CEO and Co-Founder, said: “This level of insurance coverage positions GK8 now, more than ever, to work with the largest banks and institutions in the crypto space, and will incentivize new institutional players to confidently step into the crypto space. The demand we’re seeing from institutions for digital-asset insurance is truly astonishing. Thanks to our unique level of security, GK8 customers can benefit from the highest level of insurance, which we have expanded even further.”
He added: “We’re proud to work with USI, one of the most reputable names in the insurance industry, to back our most secure custody solution with the insurance coverage to match it. Most importantly, as our customers continue to increase their holdings, we felt it was appropriate to take our coverage to the next level and lead the market in terms of highest insurance in the market overall.”