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Insurance Broker Marsh Introduces $825M Crypto Custody Coverage
The new insurance product will support organizations with digital assets held offline in cold storage, as well other custody solutions such as Multi-Party Computation (MPC).
Updated Mar 26, 2024, 5:01 p.m. Published Mar 26, 2024, 4:59 p.m.
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Insurance broker Marsh has introduced a digital asset custody insurance product providing capacity up to $825 million, the largest facility of its kind, the firm said in a press release on Tuesday.
Marsh, which has over 45,000 staff and is part of professional services giant Marsh McLennan, said the new insurance product will support organizations with digital assets held offline in cold storage, as well other custody solutions such as Multi-Party Computation (MPC), where cryptographic keys are split into shards, Marsh said.
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Crypto insurance has traditionally been thin on the ground, with many exchanges and large trading firms simply holding enough crypto to cover their own losses if necessary. Marsh, with its connection to the Lloyd’s of London insurance market, was a trailblazer in crypto, securing cover in the hundreds of millions of dollars for the likes of Crypto.com, via partnerships with firms such as Ledger and Lloyd’s underwriter Arch Insurance. The new crypto cover facility was developed by Marsh Specialty’s Digital Asset team in New York and London.
“Marsh’s facility provides custodians with protection for the key operational risks they face in the management of digital assets; we look forward to supporting clients globally in aligning their risk financing and evolving commercial strategies, as they focus on building their operational resilience and market presence in this fast-growing sector,” said Jacqueline Quintal, Global Digital Asset Leader, Marsh Specialty in a statement.
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