It also covers those using advanced custody solutions like Multi-Party Computation (MPC). Let’s discover more about this crypto custody insurance
Securing Digital Assets with Innovative Insurance
The rise of digital assets, including cryptocurrencies and tokens, has become a major financial phenomenon, gaining global acceptance in the last decade. However, the digital nature of these assets brings inherent risks, particularly concerning their custody and security. High-profile hacks highlight the urgent need for strong protection for entities with significant digital assets.
Marsh’s new crypto custody insurance meets the need for comprehensive protection of digital assets against unique challenges. The coverage targets cold storage assets, the safest method for protecting digital assets from cyber threats and unauthorized access.
Insurance broker Marsh introduces $825M crypto custody coverage.@IanAllison123 reportshttps://t.co/BHzO6xRJrz
— CoinDesk (@CoinDesk) March 26, 2024
Additionally, the insurance covers assets protected by MPC custody solutions, an emerging technology. It enhances security by distributing cryptographic keys among multiple parties. Marsh’s substantial insurance coverage boosts organizations’ confidence by safeguarding their valuable digital assets against various risks. This, in turn, can facilitate further investment and development within the space, contributing to its growth and maturation.
More About Marsh’s Crypto Insurance
Furthermore, the introduction of such a high-value insurance product highlights the increasing recognition of digital assets as legitimate and valuable components of the modern financial landscape. It reflects a growing consensus among financial institutions and risk management professionals that digital assets, despite their novelty and inherent risks, can be securely integrated into organizational portfolios when appropriate protections are in place.
