Ledger, the creator of the iconic Nano hardware wallet, is wooing institutional investors to use its technology to custody cryptocurrency for themselves with the help of big-name insurance broker Marsh.
Marsh has arranged a $150 million insurance policy from Lloyd's of London syndicate Arch for users of the startup's Ledger Vault technology platform, the companies announced Thursday.
Unlike those firms, Ledger Vault is not a custodian; rather, it provides tools for investors to store their own crypto.
"We didn't have to do this. We are buying insurance for the Vault platform at no additional cost to customers of our platform," said Demetrios Skalkotos, global head of Ledger Vault.
The Ledger Vault solution itself is meant to prevent this type of hack by isolating private keys from the internet.
Firms using Ledger Vault set up their own transaction controls and governance procedures.
On top of the new insurance policy, Ledger Vault clients will be well-placed to arrange their own dedicated primary insurance facilitated and "Fast-tracked" by Marsh and Arch, the companies said.
"Clients that are part of this insurance program for Ledger Vault have the ability to obtain a dedicated limit that is dependent on the assets held on the Ledger Vault platform," said Jennifer Hustwitt, senior vice president at Marsh & McLennan Companies, the insurance broker's parent.
James Croome, vice president of specie at Arch, said in a statement that the syndicate "Spent over six months working with the Ledger Vault team to develop a customized offering for their clients."
Ledger has sold 1.5 million units of its flagship consumer product, the Nano, a device for storing private keys to crypto wallets.
Ledger's Vault Scores $100 Million in Crypto Insurance From Lloyd's Syndicate
Published on Nov 14, 2019
by Coindesk | Published on Coinage
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