Onchain Custodian, the Sequoia-backed digital asset custodian headquartered in Singapore, is now insured
Onchain Custodian (ONC) – with the support of Lockton Companies, the world’s largest privately-owned insurance broker – has lined up a panel of insurers to provide ONC’s customers’ coverage for cryptocurrencies and other digital assets.
Onchain Custodian is the first digital asset custodian in Singapore to secure insurance for its clients’ assets, representing their commitment to being on the frontier of the digital asset custody space in Asia.
Complementing the robust technology built by ONC’s partner Onchain, the insurance coverage further contributes to the peace of mind of institutional players and qualified investors choosing ONC as their trusted third-party custodian. The insurance will cover theft of digital assets, via employee dishonesty or through third parties, held by ONC on behalf of their clients.
Commenting on this important development, Alexandre Kech, CEO of ONC said: “Insurance is a critical component of a reliable third-party custody service offering. It was great to be able to work with Lockton on this. This collaboration not only involved the placement of our insurance coverage but also, together with IBM and Spartan, information sessions for underwriters based in Singapore. Our industry is still relatively new and education is important. At Onchain Custodian, we are committed to supporting the growth of our industry through such initiatives.”
Rob Russell, Regional Director, Asia, for Lockton Companies added: “We are working with a number of firms within the digital asset industry in Asia by helping them put together appropriate insurance programmes to mitigate their risk exposure. Onchain Custodian has the right mix of senior management experience, business vision and robust security standards that insurers like. The key learning experience is that the procurement process takes time as many traditional insurers are new to the industry and conversely many digital asset companies are new to insurance. Ultimately, there is underwriting appetite for those firms that are patient, transparent and willing to engage.”
About Onchain Custodian
Headquartered in Singapore, backed by Sequoia Capital, Onchain, Fosun and DHVC, Onchain Custodian (ONC) is offering a global, standardized, resilient, compliant, and insured platform for the safekeeping of institutional digital asset investments with incomparable user experience. ONC’s solution is flexibly built to meet the possible futures of digital asset custody. To know more: www.oncustodian.com
Lockton is the world’s largest privately-owned, independent insurance broker. We help over 52,000 clients in 125 countries manage risks and employee benefits in more effective and efficient ways. Headquartered in Kansas City, Missouri, Lockton has more than 7,500 employees worldwide and has been recognised as a «Best Place to Work in Insurance” by Business Insurance Magazine for 11 consecutive years. Visit www.lockton-asia.com for more information.