Liminal, a wallet operations infrastructure, recently unveiled “an additional protection for customers.”
The insurance covers Liminal’s backup keys, which “serve as a fail safe to recover lost Liminal keys.”
Canopius, a global specialty (re)insurer and Lloyd’s of London syndicate, “wrote the $50 million policy, which was placed by Costero Brokers, a Lloyd’s of London broker.”
Liminal claims that it “utilizes robust risk management measures including multisig wallet infrastructure, both hot and cold wallets, backup keys and now insurance to provide digital asset holders both secure and convenient access to their funds.”
These protections “help individuals and businesses benefit from the autonomy and potential of decentralized finance with the peace of mind that their assets are protected.” With Liminal’s help, businesses may “grow sustainably and maintain high consumer confidence.”
Mahin Gupta, founder of Liminal, emphasizes the importance of such safeguarding, stating:
“Though unfortunate, it’s a reality that investors have experienced an increased potential for lost funds. Liminal aims to help protect users from these threats and establish several layers of protection. This extra step helps make Liminal one of the safest, insured wallet platforms for businesses and individuals.” Liminal’s platform is built for safe, secure asset management and insurance provides peace of mind for businesses and their stakeholders.”
Manan Vora, Sr. Vice President of Operations and strategy at Liminal, said.
“Businesses, especially in crypto-native industries, need to manage risk. One of the best ways to ensure your funds and operations are safe across the board is to have insurance protection. We decided to work with the best insurance providers in the industry to protect customers on our platform.”
James Gadbury, Divisional Director for Costero Brokers Limited, says other crypto companies will benefit from Liminal’s security.
“Liminal is taking the necessary steps to empower individuals and other Web3 companies to grow. Layers of protection, including insurance, provide additional certainty in otherwise mutable industries.”
As a rapidly-growing company, Liminal’s added coverage “represents a milestone in establishing its permanence.”
Earlier this month, Liminal announced “the successful integration of the Smart Refill Solution, an automated function designed to seamlessly refill digital assets in hot wallets held on the platform.”
Thus far, the Smart Refill Solution has “saved more than 190 manual hours of work by automating more than $450 million USD in refills on predefined schedules.”
As covered, Liminal is “an automated wallet operations infrastructure platform that offers robust security to digital assets.”
Liminal enables crypto-native companies “to securely scale their digital asset operations through automated, plug-and-play wallet architecture.”
Liminal’s security-first approach “allows projects to define customized policies and assign roles to users based on their responsibilities.”
The operations excellence framework “provides efficient fees management, transaction confirmation guarantees, seamless onboarding and other wallet operations.”
Liminal’s unified interface “ensures the same wallet management experience across multiple blockchains.”
As noted in the update, Canopius is “a global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the UK and US.”