Lloyd's of London Insured the Cryptocurrency Assets of the Kingdom Trust
As reported in the official statement made on Tuesday by the platform Kingdom Trust, the company's cryptocurrency assets were insured by the world's largest insurance market Lloyd's of London.
The Kingdom Trust has insured more than 30 cryptocurrency assets, the reserve of which on the platform is estimated at about $ 12 billion. According to Matt Jennings, CEO of the Kingdom Trust:
"We serve both institutional and individual investors by providing qualified custody, which gives our clients the framework they need to ensure compliance with their regulators using clear and transparent reporting."
He also noted that insurance has long been a key issue, the solution of which will help attract institutional investors to the marketplace.
The company Lloyd's of London consists of a number of groups of smaller syndicates, which last month received orders that care must be taken with respect to the cryptocurrency sector. So, cryptocurrency companies and their insurers, from Lloyd's of London, must have the necessary qualifications in this area.
Approximately 10 syndicates in Lloyd's of London have indicated their readiness to work with cryptocurrencies, but as President SDBIC said, only 5 of them have sufficient knowledge, which allows them to fully assess and analyze the risks associated with cryptocurrencies.