Lloyd’s to insure a digital currency platform
Thursday, 08 30 2018, Category: Technology, Country: World
U.K. insurance market leader Lloyd’s of London will insure a crypto custody platform by U.S.-based custodial firm Kingdom Trust, according to a press release published August 28.
Founded in 1686, Lloyd’s of London is a British insurance firm that is active in over 200 countries. The company reportedly paid claims in the amount of £68 billion ($87 billion) between 2011 and 2016.
Kingdom Trust, which serves over 100,000 customers and has $12 billion in assets under custody, is the reportedly the “first” regulated financial institution to offer qualified custody for digital asset investments. Kingdom Trust provides digital currency storage services for more than 30 different assets.
The company is now launching insurance coverage for digital currency to protect investors against theft and destruction of assets.