Ledger Vault Obtains Groundbreaking Custom Crime Insurance Policy
14 11월 2019 - 11:00PM
Ledger, the global leader in security and infrastructure solutions
for digital assets and blockchain applications, today obtained a
crime insurance policy covering digital assets secured by the
Ledger Vault platform.
This program follows a rigorous evaluation of
Ledger Vault’s hardware and software security infrastructure as
well as governance policies. Ledger Vault worked for the last year
with leading broker and risk advisor Marsh and a lead underwriter
of crypto-asset insurance, Arch Insurance (UK) Limited (Arch), to
develop the custom program at the behest of Vault clients.
The Ledger Vault platform now has a customized
crime insurance program insuring crypto assets for up to USD 150
million (subject to full policy terms and conditions) including
against:
- Third-party theft of the master seed and private keys following
a physical breach of a hardware security module in a secure data
center;
- Secure transmissions of the master seed fragments as part of
the client onboarding;
- Insider Ledger employee theft caused by collusion.
All the coins and tokens currently supported by
the Vault platform are covered by the Ledger Vault policy. There is
also a mechanism to add new coins/tokens to the policy coverage as
may be necessary.
As a security technology platform Ledger Vault
is not required to obtain digital asset insurance, unlike
custodians, banks and exchanges. Despite this, Ledger understood
the difficult process Vault clients would undergo to obtain
insurance of this magnitude and proactively obtained insurance for
the Vault platform at no additional cost for its clients. Vault
clients are now alleviated from the majority of the burden of
independently undergoing the insurance security evaluation process,
and ultimately saving significant time and money to focus on their
businesses.
Vault clients also have the opportunity to
directly purchase their own primary coverage as needed on top of
the Ledger Vault policy. With this feature Ledger Vault is the
first digital asset security platform to enable seamless access to
a customized crime insurance policy from the best in class
underwriting.
Pascal Gauthier, Chief Executive Officer
at Ledger, said: We consider insurance a crucial part of a
comprehensive plan as digital assets gain a foothold in
institutional portfolios. As a new class of assets, securing
digital currencies has become a complex challenge for both
institutions and insurers. Through our efforts with Marsh and Arch
to curate this comprehensive crime insurance policy, we are playing
a pivotal role in the movement to secure and insure all critical
digital assets.”
Demetrios Skalkotos, Global Head of
Ledger Vault, said: “The combination of Ledger Vault's
secure hardware and software operating systems, along with our
governance protocols, allowed Marsh and Arch to expand standard
cold storage coverage to the Ledger Vault solution. The policy also
covers the clients’ onboarding process, their personal security
devices and the secure encrypted communication channel that is
established when using the Vault platform. This unique policy is a
true end-to-end solution that gives our customers the flexibility
to both store and move funds without compromising on security and
governance.”
Jennifer Hustwitt, Senior Vice President
with Marsh’s global Digital Asset Risk Transfer Team,
said: “As this asset class matures, we are focused on
structuring insurance programs that align with how the underlying
technology functions. This Ledger insurance program marks the next
chapter in the burgeoning insurance market for digital asset
risks.”
James Croome, Vice President of Specie
at Arch, said: “We spent over 6 months working with the
Ledger Vault team to develop a customized offering for their
clients. Ledger took the time to educate us on every detail of the
end-to-end security and governance that the Vault platform
provides. This $150 million policy underscores just how impressed
we are with the security technology platform they’ve built.”
Ledger has sold more than 1.5 million Nano
devices globally and recently celebrated its five year anniversary.
Vault, Ledger’s institutional offering with enhanced software
security protocols, has more than 40 clients located across the
APAC, EMEA and the Americas regions. Ledger Vault has a broad
customer base that includes family offices, exchanges, trust and
payment companies, and custodians, and clients such as Bitstamp,
Uphold and Crypto.com.
About Ledger VaultLedger Vault
is a core business unit of Ledger, a leader in security for
cryptocurrencies and blockchain applications. Leveraging Ledger’s
industry-leading and independently-certified security technology,
the Ledger Vault provides information technology infrastructure for
financial institutions to securely control their crypto assets with
a multi-authorization self-custody management solution. With a
global team of more than 200 professionals, Ledger develops a
variety of products and services that safeguard crypto assets for
individuals, companies and connected devices. Founded in 2014, the
company has offices in Paris, New York, Hong Kong and Vierzon.
For more information about the Ledger Vault,
please visit www.ledger.com/vault.
About MarshMarsh is the world’s
leading insurance broker and risk adviser. With over 35,000
colleagues operating in more than 130 countries, Marsh serves
commercial and individual clients with data driven risk solutions
and advisory services. Marsh is a business of Marsh & McLennan
Companies (NYSE: MMC), the leading global professional services
firm in the areas of risk, strategy and people. With annual revenue
approaching US$17 billion and 76,000 colleagues worldwide, MMC
helps clients navigate an increasingly dynamic and complex
environment through four market-leading businesses: Marsh, Guy
Carpenter, Merceqr, and Oliver Wyman. Follow Marsh on Twitter
@MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to
BRINK.
About Arch Insurance (UK)
LimitedArch Insurance (UK) Limited, a wholly owned
subsidiary of Arch Capital Group Ltd., provides specialized
property and liability insurance programs to a wide range of
industrial and commercial companies and financial institutions.
Arch Insurance (UK) Limited is authorised and regulated by the
Prudential Regulation Authority and regulated by the Financial
Conduct Authority.
About Arch Capital Group
Ltd.Arch Capital Group Ltd., a Bermuda-based company with
approximately $12.49 billion in capital at June 30, 2019, provides
insurance, reinsurance and mortgage insurance on a worldwide basis
through its wholly owned subsidiaries. Visit archcapgroup.com for
more information.
Contact:Jake Ciorciarijake@dittopr.co
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