Copper.co, a leading provider of institutional digital asset custody and trading solutions, announced on its official website that it has $500 million in cold storage insurance.
Aon, a global professional services organization, arranged coverage through a panel of insurers overseen by Canopius, a global specialty (re)insurer, and the Lloyd’s of London syndicate. This comes after a thorough review of Copper’s risk management practices.
In recent years, the value of digital assets has skyrocketed, with a current market capitalization of slightly more than $1 trillion.
This rise has resulted in a growing demand for cold storage and the ability to protect crypto assets offline, particularly as institutional interest in this new asset class has grown. In response, Aon and Canopius collaborated with Copper to develop a solution that meets user needs.
Employee collusion, third-party theft, and physical loss or damage to digital materials stored on hard drives are all covered by cold storage insurance. Copper’s new coverage supplements their current customized, Aon-brokered crime insurance policy, enhancing the custodian’s protection offering to their clients.
“Safeguarding digital assets is the core purpose of our business,” said Greg Hall, Chief of Staff at Copper.co, “and now we have an added level of protection to comfort our clients.” Copper will continue to collaborate closely with the insurance industry to ensure that we have the most appropriate, market-leading policies to support our business’s expansion.”
“It’s been a pleasure cooperating with Copper, whose goal is to give the most secure solution to digital asset custody,” said Tom Davis, Executive Director in Aon’s Financial Services Group. This is a high degree of coverage and demonstrates the value of working with a broker that specializes in digital assets.
What is Copper.co?
Copper, founded in 2018, provides institutional investors a route into the crypto industry by enabling custody, prime brokerage, and settlements across 500 digital assets and more than 45 exchanges. It is devoted to offering institutional investors adaptable solutions that can adapt to the developing cryptocurrency environment while enabling significantly greater transparency and control for asset management.
In the crypto asset industry, Copper’s fully integrated products are unique. Copper has created a complete and secure suite of tools and services for safely acquiring, trading, and storing cryptocurrencies, backed by multi-award-winning custody.
At the heart of Copper’s infrastructure is ClearLoop, a system with multiple exchanges in one secure trading loop — with real-time settlement across the Networks. Since its launch in May 2020, ClearLoop, integrated with market-leading crypto exchanges, has changed how institutional investors participate in the cryptocurrency industry.
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