Copper.co, provider of institutional digital asset custody and trading solutions, announces that it “has $500m of insurance for digital assets in cold storage.”
Cover has been “arranged by global professional services firm Aon (NYSE: AON), using a panel of insurers led by Canopius, a global specialty (re)insurer and Lloyd’s of London syndicate.” This follows on from “a rigorous assessment of Copper’s risk management protocols.”
In recent years, the value of digital assets “has grown exponentially to a current market capitalization of just over $1 trillion.”
This growth “has driven increased demand for cold storage and generated the means to protect crypto assets offline, particularly as institutional engagement in this new asset class has come to the fore.” In response, Aon and Canopius have “worked in partnership with Copper to tailor a solution that meets their requirements.”
The cold storage insurance provides “cover for employee collusion, third party theft and physical loss or damage to digital assets held in hard drives.” Copper’s new policy is “in addition to their existing bespoke Aon-brokered crime insurance policy, thus strengthening the custodian’s security proposition for their clients.”
Greg Hall, Chief of Staff, Copper.co commented:
“Safeguarding digital assets is the central goal of our business, and now we have an extra level of security to reassure our clients. Copper will continue to work closely with the insurance market to ensure we have the most appropriate, market-leading policies to support the growth of our business.”
Tom Davis, Executive Director in Aon’s Financial Services Group said:
“It’s been a pleasure collaborating with Copper, whose aim is to provide the most secure solution to digital asset custody. This is a significant level of cover and demonstrates the value of partnering with a broker with digital assets expertise.”
Founded in 2018, Copper provides “a gateway into the crypto asset space for institutional investors by offering custody, prime brokerage, and settlements across 500 digital assets and more than 45 exchanges.”
It is committed “to providing flexible solutions for institutional investors that can adapt to the changing cryptoasset space, while enabling far greater transparency and control for asset managers.”
Copper’s fully integrated products “are unique in the crypto-asset space.” Underpinned by multi-award-winning custody, Copper has “built the comprehensive and secure suite of tools and services required to safely acquire, trade, and store cryptocurrencies.”
At the core of Copper’s infrastructure is ClearLoop, “a framework that connects the universe of exchanges in one secure trading loop — with real-time settlement across the Networks.”
Integrated with crypto exchanges, ClearLoop has already “transformed the way in which institutional investors can engage in the cryptoasset space since launching in May 2020.”
As noted in the update, Aon plc exists “to shape decisions for the better — to protect and enrich the lives of people around the world.”
Their colleagues provide their clients in over 120 countries “with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.”
