Gibraltar Blockchain Exchange to Provide Insurance Option for Digital Assets

The Gibraltar Blockchain Exchange (GBX) says it will provide insurance coverage for listed digital assets. The coverage is for assets in the custody of the GBX, including both hot and cold wallets.

According to a release, GBX has partnered with Gibraltar based firm Callaghan Insurance to provide the coverage on digital assets that trade on the GBX Digital Asset Exchange (GBX-DAX).

The crypto exchange is both a primary issuance and secondary trading platform.

The CEO of the Gibraltar Blockchain Exchange, Nick Cowan, called the addition of insurance an important step in attracting users who require “strict assurances around the security of their assets.”

“This offering is only possible because of the confidence derived from the fact that the GBX has always been committed to building a platform focused on the highest regulatory standards and the strictest due diligence processes.”

The Callaghan Insurance Group, in collaboration with their partners Paragon Insurance Brokers, aims to ensure that there is “fit for purpose insurance coverage available for innovative blockchain-based companies.”

“I am delighted that Callaghan have been able to procure, after much research and collaboration with the London insurance market, a bespoke, fit for purpose coverage option that affords our clients and the jurisdiction the necessary protection to move forward confidently in the DLT arena,” said Bruno Callaghan, Managing Director of Callaghan Insurance Brokers.

Recently, GBX was granted a full license by the Gibraltar Financial Services Commision (GFSC). Specific regulations for securities on blockchain were introduced earlier this year.

“We are excited to underline this tradition of collaborative development as Gibraltar consolidates itself as the home of sustainable blockchain innovation,” stated Cowan.

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