Crypto Custody Firm Copper Reaches $500M Insurance Deal With UK Giant Aon

Crypto custodial firm Copper has set up $500 million in insurance coverage for digital assets in cold storage, one of the largest deals in the industry, the company said in a statement.

The cover was arranged by Aon (AON), Britain’s largest insurer by market capitalisation, using a panel of insurers led by Canopius, a syndicate of Lloyd’s of London, the statement said.

The growth in the value of digital assets over the past few years has led to increased demand for cold storage and generated the means to protect crypto assets offline, especially as institutional adoption of the new class of assets has expanded, Copper said. The insurance will provide coverage against employee collusion, third-party theft, and physical loss or damage to digital assets that the business cares for.

“Protecting digital assets is the core objective of our business, and we now have an added layer of security to reassure our customers,” said Greg Hall, Chief of Staff at Copper. “Copper will continue to work closely with the insurance market to ensure we have the most appropriate policies to support the growth of our business,”

London-based Copper has raised $196 million in new funding this year, according to filings with Companies House, the UK’s companies registrar.

Read more: Crypto Custodian Copper Raises $196M in Series C Funding Round

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