Matrixport Obtains $50M Insurance Coverage for Digital Assets Held by Canopius’ Cactus Custody

Insurance issued by market-leading global specialist (re)insurer, Canopius, will provide clients with additional assurance of world-class institutional custody services for digital assets

SINGAPORE, October 3, 2022 /PRNewswire/ — Matrixport, one of the world’s largest digital asset financial services ecosystems, has announced the securing of $50 million insurance coverage for digital assets[1] stored in a cold room with Cactus Custody™, its institutional custodian. In addition to benefiting from additional insurance coverage, clients are assured that the group has passed and met the due diligence standards to be insured by one of the largest crypto insurers in the world.

(PRNewsfoto/Matrixport)

Cynthia WuCOO of Matrixport, said, “We are pleased to announce this insurance coverage through canopyone of the largest Lloyd’s of London unions. Security of client assets is the top priority for Cactus Custody™, a qualified custodian, and Matrixport, a crypto financial institution. Insurance coverage enhances our custodial offerings and enables clients to leverage our ecosystem in a meaningful way, especially for institutional clients where insurance coverage is a mandatory requirement. This is an important milestone and a testament to our commitment to providing our clients with secure, transparent and efficient institutional custodial services in the digital age. »

Matrixport’s existing institutional-grade custody services by Cactus Custody™ provide hot and cold digital asset storage solutions where funds and digital assets in custody are protected with industry-leading system security design and a Vault infrastructure built on 3 continents. The group’s custody solutions protect the digital assets of more than 200 institutional clients and securing insurance coverage is part of its efforts to improve custody offerings to meet the highest service standards for institutions.

The US dollar $50 million Cash insurance coverage has been tailored to Cactus Custody’s risk requirements to improve the protection of client assets against employee collusion, third party theft, and physical loss or damage to private keys. Insurance coverage will expand to include major cryptocurrencies and NFTs and will continue to expand as Matrixport and Cactus Custody™ extend their support to more types of digital assets in the future.

About Cactus Custody™

Cactus Custody™ is the world’s first integrated MetaMask Institutional (MMI) custodian. It aims to provide secure, transparent and efficient institutional custody services in the digital age.

Built with enterprise-grade encryption management features and value-added financial services backed by state-of-the-art system security design and infrastructure, its custodial services meet a wide range of business scenarios. It provides services to the world’s largest and most renowned mining companies, mining pools, cloud mining platforms, exchanges, funds and OTC dealers, helping clients grow and scale in a secure.

Cactus Custody is a Hong Kong qualified custodian and trust company that meets the capital reserve requirement and operates within regulatory and AML guidelines.

About Matrixport

matrix port is one of the largest and most trusted digital asset financial services ecosystems in the world. The Company’s services include Prime Brokerage, Cactus Custody™, Spot OTC, Fixed Income, Structured Products, Lending as well as Asset Management. Matrixport serves individuals as well as more than 500 institutions across Asia and Europe. For more information, please visit www.matrixport.com.

About Canopius

Canopius is a global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the United Kingdom and the United States. It underwrites through Lloyd’s Syndicate 4444 (operated by Canopius Managing Agents Limited), an American insurer of surplus lines, Canopius US Insurance, Inc and Canopius Reinsurance Ltd, an Bermuda class 4 based reinsurer.

For more information, visit www.canopius.com or follow @CanopiusGroup

[1] “digital assets” – tokens covered by the policy include “BTC, BCH, XEC, LTC, ETH, all supported ERC20 tokens and NFT by Cactus Custody™ and Matrixport

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SOURCE matrix port