GK8 partnered with USI Insurance Services and increased its coverage to $1 billion for stored assets.
Digital asset custody platform GK8 has partnered with USI Insurance Services to expand its insurance policy for institutional customers — a move the company said would incentivize banks and other financial institutions to start investing in cryptocurrency.
The insurance policy offers up to $1 billion of coverage per client for digital assets stored with GK8’s offline"cold vault" and up to $125 million for assets stored via its multiparty-computation-based institutional wallet. GK8 said the insurance caps, announced on Nov. 28, are significantly higher than any other digital asset policies on the market today.
Lior Lamesh, GK8’s co-founder and CEO, said the new insurance coverage would “incentivize new institutional players to confidently step into the crypto space” and let existing customers increase their holdings of digital assets. Lamesh told Cointelegraph that GK8’s clients “need access to a higher cap of insurance in order to increase the peace of mind and protect all the [assets under management] of their clients fully.”
USI Insurance Services, GK8’s underwriting partner, is an insurance brokerage headquartered in Valhalla, New York. The company generated nearly $2 billion in revenue in 2021.
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