Hub Security, Marsh team to offer cold storage insurancePosted On: Oct. 1, 2020 1:57 PM CST
Cybersecurity firm Hub Security is teaming with Marsh LLC to offer cold storage insurance for U.S.-based financial institutions offering digital asset custodial services, Tel Aviv, Israel-based Hub said in a statement Thursday.
Financial institutions can 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. Institutions can store and manage digital assets, including cryptocurrency, on Hub’s platform, the statement said.
“The crypto custody market is poised to grow significantly following the OCC regulatory clarification,” Ankur Kacker, senior vice president and a specie specialist on Marsh’s DART team, said in the statement
Mr. Kacker was referring to a recent decision from the U.S. Office of the Comptroller of the Currency (OCC) in August that said 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.
Hub has U.S. offices in Huntington Station, New York.