Lloyd’s of London Insuring Digital Currency Custody Platform Kingdom Trust

Another big piece of “the puzzle” to encourage institutional investors to get comfortable with digital assets/currency has been put in place. Kingdom Trust, a US-based custodian, just got Lloyd’s of London to underwrite the insurance of digital assets/currencies held by Kingdom Trust. Its’ BIG.

According to a press release issue on August 28th, the firm’s CEO Matt Jennings is quoted as saying “(q)ualified custody by a regulated, insured financial institution is a top priority and critical hurdle for institutions to invest in the digital asset markets.  By adding another trusted specialist like Lloyd’s to our platform, we’re ensuring that current and future clients will have access to a highly-secure, complete safekeeping solution tailored to meet the challenges of institutional finance.”

This marks an important step forward for legitimizing crypto within the institutional space. Expect many more similar arrangements in the future as insurers get familiar with, and advance into, digital assets.
Bill Taylor/ Fintek Capital

SIOUX FALLS, S.D. (PRWEB) AUGUST 28, 2018 – Kingdom Trust, the first regulated financial institution to offer qualified custody for digital asset investments like Bitcoin and Ethereum, has secured insurance for digital assets held on its qualified custody platform through one of the world’s most respected insurers, Lloyd’s of London. The insurance, which was successfully placed by broker SDBIC, marks a solid resolve for institutional investors seeking to enter the crypto marketplace…

…The company recently released a white paper clarifying the concept of “qualified custody.” The white paper, written by Jennings, outlines why the cryptocurrency marketplace benefits from the inclusion of qualified custodians like Kingdom Trust.

As a qualified, independent custodian, Kingdom Trust provides over 100,000 clients (with over $12 billion in assets under custody) a level of security, accounting, reporting and insurance for digital currencies not found elsewhere in the marketplace.

The company’s initial platform accommodated custody for four digital currency assets but now provides custody services for over 30 different assets, including Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Litecoin, Ripple and recent additions of ZCash and Stellar Lumens —with many more on the horizon.