Re/insurance broker Marsh has partnered with HUB Security, a hardware cybersecurity solutions provider, to offer an insured storage solution that enables US financial institutions to offer digital asset custodial services.
Clients will be able to store and manage digital assets, including cryptocurrency, on HUB’s military-grade technological platform.
They can also purchase up to $400 million in ‘cold storage’ insurance through Marsh’s Digital Asset Risk Transfer (DART) team to cover the risk of theft or damage to the assets or destruction of private keys. The solution, backed by A rated insurers, follows an August interpretive letter from the US Office of the Comptroller of the Currency (OCC).
The letter clarified that national banks and federal savings associations may provide cryptocurrency custody services on behalf of customers, including the holding of unique cryptographic keys associated with cryptocurrency.
“The crypto custody market is poised to grow significantly following the OCC regulatory clarification,” said Ankur Kacker, Senior Vice President and a Specie specialist on Marsh’s DART team.
“Our combined insured storage solution can provide financial institutions seeking to enter the market a secure place to safeguard their clients’ assets and peace of mind knowing their exposures are covered.”
“Together, HUB and Marsh are empowering banks and other financial institutions to offer services for storing their clients’ digital assets by ensuring they are digitally secure and protected,” added Eyal Moshe, CEO & Co-Founder of HUB Security.
Source: Insurance Innovation Reporter
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