soter

Came across this on CoinDesk: Standard Chartered’s SC Ventures and Japan’s SBI are investing in crypto insurer Soter Insure’s Series B, led by Galaxy. Existing investors include Coinbase Ventures, Franklin Templeton, and Brevan Howard Digital.

The round includes around $23.5 million in cash, plus more than 500 BTC and 2,000 ETH, bringing its total value to about $66 million at current prices. Soter covers crypto asset losses caused by hacks, theft, and software failures, and also offers policies denominated and paid out in BTC or ETH. It can underwrite policies of up to around $5 million, 200 BTC, or 2,000 ETH itself; larger policies are reinsured, with funds held in segregated cold storage accounts.

CEO Henson Orser put it plainly: for banks to expand into digital assets, they need the kind of risk protection that’s commonplace in other sectors—and this type of insurance is still scarce. After the major Binance theft and the suspected $133 million theft from a French bank, quotes for theft insurance have also tightened slightly.

After incidents at major exchanges, separating custody and adding insurance will probably both become essential. #Soter #加密保险 #$BTC