Matrixport secures $50m insurance cover for Cactus Custody digital assets
Matrixport has secured $50m of insurance coverage for digital assets held in cold storage with Cactus Custody, its institutional custodian.
The insurance is being underwritten by Canopius, part of one of the world’s largest crypto insurers.
“We are glad to announce this insurance coverage by Canopius, one of the largest Lloyd’s of London syndicates,” said Cynthia Wu, COO of Matrixport.
“Clients’ asset security is the top priority for Cactus Custody, a qualified custodian, and Matrixport, a crypto financial institution. The insurance coverage enhances our custody offerings and empowers clients to leverage our ecosystem in a meaningful way, especially for institutional clients where insurance coverage is a compulsory requirement.
“This is a significant milestone and a testament to our commitment to provide our clients with secure, transparent, and efficient institutional custodian services in the digital era.”
Matrixport’s existing institutional-grade custody services by Cactus Custody provides ‘warm’ and ‘cold’ digital asset storage solutions. The group’s custody solutions safeguards digital assets for more than 200 institutional clients.
The $50 million coverage has been tailored to Cactus Custody’s risk requirements to enhance protection of client assets for employee collusion, third party theft and physical loss or damage of private keys. The insurance coverage will extend to include major cryptocurrencies and NFTs and will continue to expand as Matrixport and Cactus Custody™ extend its support to more types of digital assets in the future.