According to the institutional cryptocurrency storage platform Kingdom Trust, the company is now insured by the world’s largest insurance marketplace, Lloyd’s of London. The Kentucky-based alternative asset custody service, Kingdom Trust, claims to hold assets worth $12B that consist of 30 digital currencies under its wing.
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Lloyd’s of London Insures the Institutional Digital Currency Custody Service Kingdom Trust
“From the very beginning we saw insurance as a key factor to bring institutional investors into the marketplace,” explains Kingdom Trust’s chief executive officer Matt Jennings.
Kingdom Trust Receives a ‘Drastic Discount’ for Utilizing Cold Storage Practices
For customers that do hold digital currencies, Kingdom Trust says on its website that it uses secure cold storage and has a strong relationship with other cryptocurrency providers. Jennings details on August 28 the firm had received a “drastic discount” from Lloyd’s of London for using cold storage. However, when asked about the insurance deal with Kingdom Trust, the insurance provider Lloyds declined to comment. Being the largest insurance marketplaces, Lloyd’s managed 85 syndicates and 56 managing agencies that wrote £33.6 billion worth of premiums in 2017.
What do you think about Lloyds of London insuring the alternative asset custody service Kingdom Trust? Let us know what you think about this story in the comment section below.
Images via Shutterstock, Lloyd’s of London, and Kingdom Trust
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