Blockbid Releases Insured Custodian Solution for Enterprise Clients

Insurance, whilst standard across traditional financial markets and various asset classes, remains very difficult to obtain in the cryptocurrency sector — which is where it is most urgently needed. The need for crypto asset insurance was recently highlighted yet again with the major hack of well known New Zealand cryptocurrency exchange, Cryptopia.

In light of this, Blockbid is proud to announce further details of our cryptocurrency theft insurance (cover is only provided on a named perils basis and that conditions and exclusions will apply), including a new offering tailored to enterprise and institutional clients.

Blockbid’s insurance offering provides much needed protection and peace of mind to the crypto exchange sector.

The policy has been compiled in partnership with Scott Winton Insurance Brokers, Arthur J. Gallagher and a panel of specialist London market insurance carriers. The partnership has levied a significant policy coverage of $200 million USD, initially for Bitcoin and Ethereum, with flexibility to be extended to additional altcoins.

Blockbid is opening their own ‘Blockbid Custody’ as an institutional-grade service designed for storing sizeable amounts of Bitcoin (BTC) and Ether (ETH) in a more secure way than previously available.

Blockbid CEO, David Sapper said, “Operating according to Australian legislation and regulatory framework is an important piece of Blockbid’s foundation, which will assist in compliantly storing a greater volume if digital assets”.

As the cryptocurrency industry continues to mature into a recognised asset class, more financial institutions and hedge funds will be entering the space and demanding appropriate asset protection.

These institutions can now select ‘Blockbid Custody’ to hedge against large losses. Blockbid is affirming their commitment to delivering products and services that are tailored to individual retail, corporate and institutional needs.

David Sapper continued, “‘Blockbid Custody delivers a trusted storage service that clients require to fully avail themselves to the potential of digital assets. We look forward to delivering additional assets and features over the coming months”.

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