GK8 partnered with USI Insurance Services and increased its coverage to $1 billion for stored assets.
Digital asset custody platform GK8 has partnered with USI Insurance Services to expand its insurance policy for institutional customers — a move the company said would incentivize banks and other financial institutions to start investing in cryptocurrency.
The insurance policy offers up to $1 billion of coverage per client for digital assets stored with GK8’s offline"cold vault" and up to $125 million for assets stored via its multiparty-computation-based institutional wallet. GK8 said the insurance caps, announced on Nov. 28, are significantly higher than any other digital asset policies on the market today.
Lior Lamesh, GK8’s co-founder and CEO, said the new insurance coverage would “incentivize new institutional players to confidently step into the crypto space” and let existing customers increase their holdings of digital assets. Lamesh told Cointelegraph that GK8’s clients “need access to a higher cap of insurance in order to increase the peace of mind and protect all the [assets under management] of their clients fully.”
USI Insurance Services, GK8’s underwriting partner, is an insurance brokerage headquartered in Valhalla, New York. The company generated nearly $2 billion in revenue in 2021.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Life-Insurance Payouts Hit Record $100 Billion in 2021U.S. life insurers paid a record $100 billion in 2021 in death benefits, fueled by another year of Covid-19 deaths, an industry trade group said
Read more »
Op/Ed: Medical insurance policy of denying policyholders claims 'routine' and 'unjust'Private insurers like Elevance/Anthem want to suck our bones dry, because denying care is easy money for them. Some private health insurers deny as many as four out of five claims.
Read more »
A record $100 billion was paid out in life insurance benefits last year | CNN BusinessUS life insurers paid out a record $100 billion in benefits in 2021, according to new data. That's a nearly 11% jump from 2020, which represented the largest year-over-year increase (15.4%) since the 1918 influenza pandemic.
Read more »
Colorado wildfires are making it harder to insure homes. Could a publicly funded plan stave off an insurance crisis?The increasing risk of wildfires in Colorado is driving insurance carriers to raise premiums on homeowners’ policies — if they decide to insure them at all — and now the state’s insurance chi…
Read more »
Here's how those looking to 'age in place' can fund home health-care servicesA recent study found 7 out of 10 Americans want to age at home, but only 10% have long-term care insurance. Here's how to fund home health-care services.
Read more »
Officials announce funeral services for 28-year veteran of the Philadelphia Fire DepartmentThe Philadelphia Fire Department released the funeral details for Firefighter John Flood, who they say died from cancer earlier this month.
Read more »