Lloyd’s of London has entered into an agreement with Kingdom Trust to provide cryptocurrency insurance services in digital asset ecosystem. Kingdom Trust was acquired by cryptocurrency security startup BitGo this year. The purchase was carried out after raising $43 million in a Series A funding round.
“From the very beginning we saw insurance as a key factor to bring institutional investors into the marketplace,” Kingdom Trust founder Matt Jennings said in an interview
Sufficient coverage over cryptocurrency for digital asset investors, clients are insured again crypto theft and destruction of assets. According to Jennings, “By adding another trusted specialist like Lloyd’s to our platform, we’re ensuring that current and future clients will have access to a highly-secure, complete safekeeping solution tailored to meet the challenges of institutional finance.”
US financial regulations has qualified Kingdom Trust to hold assets on behalf of investment advisers, securities brokers, and retirement plans, reported Reuters. It provides storage services to more than 30 digital assets including Bitcoin, Ethereum, Litecoin, Ripple and ZCash.
“Qualified custody by a regulated, insured financial institution is a top priority and critical hurdle for institutions to invest in the digital asset markets,” said Jennings“By adding another trusted specialist like Lloyd’s to our platform, we’re ensuring that current and future clients will have access to a highly-secure, complete safekeeping solution tailored to meet the challenges of institutional finance.”