Ledger Vault, the custody arm of hardware wallet manufacturer Ledger, has procured a crime insurance policy developed with broker and risk advisory firm Marsh and insurance company Arch Insurance Limited.
According to an announcement on Nov. 14, the Ledger Vault platform now provides its users a customized crime insurance program for cryptocurrencies for up to $150 million. The program applies to third-party theft of the master seed and private keys, secure transmissions of the master seed fragments, and insider Ledger employee theft caused by collusion.
Commenting on the new offering, Demetrios Skalkotos, global head of Ledger Vault, explained:
“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.”
Insurance offerings for crypto grow
As more money enters the cryptocurrency sector, investors are looking to digital asset insurance policies in order to cover losses due to possible thefts or accidents.
Indeed security research firm CipherTrace has previously estimated that more than $4 billion worth of cryptocurrency was lost through theft and fraud in 2019.
Cardiff-based cryptocurrency insurance startup Coincover launched a cryptocurrency insurance offering in September. Coincover reportedly monitors the wallet at all times and issues warnings if it observes suspicious activity.
Ledger Vault’s tech is adopted at 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 planned to integrate Ledger Vault’s multi-authorization cryptocurrency wallet management system into its trading platform with the aim to increase its overall cybersecurity.