Ledger Vault, the custodial arm of hardware wallet maker Ledger, has purchased a crime insurance policy developed with brokerage and risk consulting firm Marsh and insurance company Arch Insurance Limited.
According to an announcement on November 14, the Ledger Vault platform now offers its users a personalized crime insurance program for cryptocurrencies of up to $ 150 million. The program applies to third party theft of master seed and private keys, secure transmissions of master seed fragments, and insider ledger theft caused by collusion.
Commenting on the new offering, Demetrios Skalkotos, Global Head of Ledger Vault, explained:
“The policy also covers the customer onboarding process, their personal security features 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 store and move funds without compromising security and governance. “
Insurance offerings for crypto are growing
As more and more money enters the cryptocurrency industry, investors are turning to digital asset insurance policies to cover losses due to possible theft or accidents.
Indeed, security research firm CipherTrace previously estimated that more than $ 4 billion in cryptocurrency was lost due to theft and fraud in 2019.
Cardiff-based cryptocurrency insurance startup Coincover launched a cryptocurrency insurance offering in September. Coincover monitors the wallet at all times and issues warnings if it sees any suspicious activity.
Ledger Vault technology is adopted in other institutions
Previously, Cointelegraph reported that Estonia-based crypto exchange Rokkex integrated its trading platform with Ledger Vault to secure its crypto assets.
In May, news broke that Canadian cryptocurrency broker Voyager Digital was planning to integrate Ledger Vault’s multi-authorization cryptocurrency portfolio management system into its trading platform with the goal of increasing its overall cybersecurity.