The company secured extensive direct insurance for its wallet infrastructure, from Arch Syndicate 2012 of Lloyd’s of London, one of the leading global insurance providers with an A rating (excellent) from A.M Best, and from OneDegree, the first InsurTech company in Asia to provide digital asset insurance, supported by a multi-year reinsurance partnership with Munich Re. Amber Group’s cold wallet insurance is now the first digital asset reinsurance case in Asia for MunichRe, one of the world’s leading reinsurers. Amber Group is currently working to build out a comprehensive global insurance plan that aggregates to over USD$100 million in coverage. This is set to increase as the company sets its sights on growing its asset management business.
Amber Group’s move to secure comprehensive insurance coverage represents a significant milestone amid surging digital asset adoption, with digital assets value totaling to a record high of US$3 trillion last year. As security and privacy become increasingly prioritized as cornerstones for user confidence in digital assets, the company’s move to expand its insurance coverage underlines its commitment to elevating users’ security experience by adopting industry best practices in risk management, platform security and digital asset safekeeping. During a robust and comprehensive underwriting process by OneDegree and reinsurance process by Munich Re, Amber Group achieved a proficiently high score on OneDegree’s Cymetrics cyber security assessments.
Bolstering its position as the preferred and trusted platform for global digital asset management and wealth building, Amber Group has also implemented a proactive measure against fraud, loss and theft via Coincover’s insurance-backed Theft Protection, a cutting-edge technology insured by certain Underwriters at Lloyd’s of London. The technology provides an added layer of protection to secure Amber Group’s digital assets as it monitors for and prevents transaction anomalies from unauthorized access, facilitating peace of mind and ease for existing and new users to enter the world of crypto finance.
“The global crypto market is expanding exponentially, but the rise of cybercrime incidents in the crypto space is still a major concern for many investors. As we continue to drive the adoption of digital assets worldwide, Amber Group is extremely committed to upholding the highest standards in security for our customers. Security, reliability and privacy are the core tenets of our industry and these are the very same factors that will determine overall industry success as we work to realize the future of finance. Our company is proud to serve as a trusted digital asset platform for our customers, and we will continuously provide our customers with the most robust security measures and global insurance coverage for our wallet infrastructure possible,” said Amber Group’s Chief Executive Officer, Michael Wu.
“We are pleased to provide OneDegree’s digital asset insurance to Amber Group. Amber Group has demonstrated competency in security, control and process integrity, through our comprehensive underwriting review by OneDegree’s proprietary cyber security solution Cymetrics and by our reinsurer partner Munich Re. OneDegree will continue to bring our expertise and insurance capacity to serve the broader web3 community and transform the industry with enhanced security and trust,” said OneDegree’s co-founder and Chief Executive Officer, Alvin Kwock.
“We’re proud to be supporting such a pioneering company in their mission to make crypto safer. By combining Coincover’s proactive theft protection technology with comprehensive insurance coverage, Amber Group is truly leading the way in reducing the risk exposure of crypto investors across the world. We’re excited to see how this impacts the wider adoption of digital assets and crypto finance,” said Coincover’s Chief Executive Officer, David Janczewski.
Source: The Blockchain Domain