HUB Security is an OurCrowd Portfolio Company
Cybersecurity provider HUB Security has formed a partnership with Marsh to provide custody services for digital assets to financial services firms.
Marsh, part of Marsh & McLennan (NYSE:MMC) is a top insurance broker and risk advisor that operates in over 130 different countries.
HUB Security is also a portfolio company of leading global crowdfunding platform OurCrowd.
According to a release, financial institutions may now custody digital assets, including cryptocurrency on HUB’s military-grade technological platform and purchase up to $400 million in “cold storage” insurance through Marsh’s Digital Asset Risk Transfer (DART) team thus mitigating risk. The move by HUB and Marsh follows an interpretive letter issued by the US Office of the Comptroller of the Currency (OCC) clarifying that national banks and federal savings associations may provide digital asset custody services on behalf of customers, including the holding of unique cryptographic keys associated with cryptocurrency.
Ankur Kacker, Senior Vice President and a Specie specialist on Marsh’s DART team, says that the crypto custody market is poised to grow significantly following the OCC regulatory clarification.
“Our combined insured storage solution can provide financial institutions seeking to enter the market a secure place to safeguard their clients’ assets and peace of mind knowing their exposures are covered.”
Eyal Moshe, CEO & Co-Founder of HUB Security, says that together the two companies can empower banks and other firms to store digital assets while ensuring they are safe and secure.