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Lockton Cos. LLC said Wednesday it is now offering digital asset custody insurance.
The facility is supported by Lloyd’s syndicates, giving Lockton access to London market capacity, estimated to be in excess of $850 million for custody coverage, a Lockton statement said.
The coverage was developed by Lockton’s emerging asset protection team, which is managing the underwriting process, and features bespoke programs with various limits and cost structures, the statement said.
Custody insurance, sometimes called cold storage coverage, provides indemnity in relation to private keys stored in secure locations, including those that are part of a multiparty computation solution or entirely offline.
Neil Daly, head of Lockton’s U.K. emerging assets team, said that securing such cold storage coverage has historically been difficult.
Lockton’s emerging asset protection team is a global group of more than 35 employees focused on companies operating in the blockchain and digital asset space.