Lloyd’s of London Insures Bitcoin, Ethereum and Litecoin Investments in Crypto Custody
Kingdom Trust, a US-based company offering crypto custodial services, is now insured by Lloyd’s of London.
Kingdom Trust is a storage platform with over $12 billion in assets and holds over 30 cryptocurrencies, including Bitcoin, Ethereum and Litecoin.
It has now retained one of the world’s premier insurance companies. The partnership is expected to bring a new level of trust and safety to potential institutions looking to invest in the digital currency market.
According to a statement by Kingdom Trust’s CEO Matt Jennings,
“Qualified custody by a regulated, insured financial institution is a top priority and critical hurdle for institutions to invest in the digital asset markets.”
“By adding another trusted specialist like Lloyd’s to our platform, we’re ensuring that current and future clients will have access to a highly secure, complete safekeeping solution tailored to meet the challenges of institutional finance.”
Since 1686, Lloyd’s has been pushing the boundaries on insurable assets. From a food critic’s tastebuds, to several singers’ vocal cords, to a porn star’s penis, to a confident comedy theatre group against the risk of an audience member dying of laughter, the company has explored new and interesting opportunities.
Lloyd’s managed insurance claims from the 1906 San Francisco earthquake when 3,000 lives were lost and nearly 80% of the city was destroyed by fires. The company promptly paid all claims in full – totaling $50 million, equivalent to over $1 billion today – regardless of the terms.
Kingdom Trust reaches over 100,000 clients invested in Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Litecoin, Ripple, Zcash, Stellar Lumens, and 21 other cryptocurrencies. The company says it plans to support many more in the future.