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Crypto Custody Firm to Include Insurance Coverage in its Services

Crypto custody services company Anchorage has included insurance coverage for digital assets storage among its services.

Virtual Asset Insurance

In a blog posted dated May 29, Anchorage announced the addition of insurance coverage for enterprises that covers virtual assets that are under custody. The coverage is part of a deal the company has with Aon, a large insurance broker.

Aon had previously said they have seen more crypto-linked protections that focused on the crypto industry.

Anchorage cautioned in its blog post how crypto custody insurance has varying coverage. The company explained that the majority of custodians use a mix of cold and hot storage, and the policies they carry differ.

Crime Insurance

The custody company also said that it has already secured a policy on crime insurance that allegedly covers the two kinds of virtual asset storage in one policy.

Anchorage was launched in January and revealed its mission and vision to be based on the ideals of easy asset accessibility, swift transactions, checking proof of existence, and voting. The company also said that large investments in virtual assets, like those from enterprises, will attract new growth in the blockchain industry.

The cryptocurrency custody company has already secured $17 million in Series A round of investments spearheaded by Andreessen Horowitz.

Other companies are also rolling our crypto-centered products and services. Insurance titan AXA XL and Assurely, an insurance tech startup, partnered up for a new insurance offer they released in March. The product, named CrowdProtector, is said to cover security token offerings and equity crowdfunding.

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