Cold Storage of Digital Assets
As the awareness, acceptance, and popularity of cryptocurrencies has increased, so too has the ecosystem which supports and services these new assets and their owners. This ecosystem includes cryptocurrency exchanges, depositories, issuers, wallets, and miners.
We have seen cryptocurrencies, such as Bitcoin, soar in value. This expanding ecosystem and rising valuations have led to a significant increase in risks that require an innovative risk-transfer solution.
Cold Storage insurance provides coverage for loss of digital assets from internal and external theft, damage, or destruction of private keys. Depositories use secure vaults to store the private keys and the specie market has been insuring these vaults for decades as these vaults store gold, diamonds, cash and other valuable items which require large capacities being provided by the insurance market.
In order to meet the growing challenges and risk issues, Marsh JLT Specialty can access a new facility, Blue Vault, which is suitable for well-established digital asset firms as well as start-up companies. Available globally, Blue Vault provides limits of up to US$150 million.