The insurance issued by market-leading global specialty (re)insurer, Canopius, will provide clients with extra assurance of world-class institutional custody services for digital assets
SINGAPORE, Oct. 4, 2022 /PRNewswire/ -- Matrixport, one of the world's largest digital assets financial services ecosystem, has announced the securing of USD 50 million of insurance coverage for digital assets held in cold storage with Cactus Custody, its institutional custodian. In addition to enjoying additional insurance coverage, clients have the assurance of the group having passed and met the due diligence standards to be insured by one of the world's largest crypto insurers.
Cynthia Wu, COO of Matrixport, said: "We are glad to announce this insurance coverage by Canopius, one of the largest Lloyd's of London syndicates. Client's asset security is the top priority for Cactus Custody, a qualified custodian, and Matrixport, a crypto financial institution. The insurance coverage enhances our custody offerings and empowers clients to leverage our ecosystem in a meaningful way, especially for institutional clients where insurance coverage is a compulsory requirement. This is a significant milestone and a testament to our commitment to provide our clients with secure, transparent, and efficient institutional custodian services in the digital era."
Matrixport's existing institutional-grade custody services by Cactus Custody provides Warm & Cold digital asset storage solutions where funds and digital assets under custody are safeguarded through cutting-edge system security design and vault infrastructure built across 3 continents. The group's custody solutions safeguards digital assets for over 200 institutional clients and the obtainment of insurance coverage is part of its efforts to enhance custody offerings to meet the highest level of service standards for institutions.
The USD $50 million specie insurance coverage has been tailored to Cactus Custody's risk requirements to enhance protection of client's assets for employee collusion, third party theft and physical loss or damage of private keys. The insurance coverage will extend to include major cryptocurrencies and NFTs and will continue to expand as Matrixport and Cactus Custody extend its support to more types of digital assets in the future.
About Cactus Custody
Cactus Custody is the world's first MetaMask Institutional (MMI) integrated custodian. It aims to provide the digital era with secure, transparent, and efficient institutional custodial services.
Built with enterprise-grade crypto management features and value-added financial services backed by cutting-edge system security design and infrastructure, its custody services cater for 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, supporting clients to grow and scale in a secure way.
Cactus Custody is a qualified custodian and a Hong Kong Trust Company that meets the capital reserve requirement and acts within regulatory and AML guidelines.
Matrixport is one of the world's largest and most trusted digital assets financial services ecosystem. 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 over 500 institutions across Asia and Europe. For more information, please visit www.matrixport.com.
Canopius is a global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the UK and US. It underwrites through Lloyd's Syndicate 4444 (managed by Canopius Managing Agents Limited), a US surplus lines insurer, Canopius US Insurance, Inc and Canopius Reinsurance Ltd, a Bermuda based Class 4 Reinsurer.
 "digital assets" - tokens covered under the policy include "BTC, BCH, XEC, LTC, ETH, all supported ERC20 tokens and NFT by Cactus Custody and Matrixport