Lloyd's of London enters crypto insurance market
Lloyd's, is quietly providing cover against theft of cryptocurrencies
August 29, 2018 / 08:05 PM IST
United Kingdom's insurance marketplace Lloyd's of London, commonly known as Lloyd's, is quietly providing cover against theft of cryptocurrencies, according to a report by Coindesk.
Courtesy of underwriters in Lloyd's market, Kingdom Trust, a custodian of some 30 cryptocurrencies and tokens, is enhancing its safe-keeping services with insurance cover for theft and loss due to natural disaster, the report suggests.
Matt Jennings, Chief Executive Officer (CEO) of Kingdom Trust told Coindesk that the alliance happened due to a combination of new technology and tested security protocols.
"We serve both institutional and individual investors by providing qualified custody, which gives our clients the framework they need to ensure compliance with their regulators using clear and transparent reporting,” Jennings said.
Lloyd's corporation has not commented on whether managing agents might be offering crypto theft cover. The syndicates doing it were also not named, according to the report.
Lloyd's of London has issued a directive to all its syndicates to deal carefully with crypto assets and ensure expert managing agents to avert risks, the report adds.