Singapore, 24 Oct 2023 – Cactus Custody™, the qualified institutional digital assets custodian service provider of Matrixport, has announced an upgrade of its USD 50 million insurance for its customers with protection now extended to include crime coverage, specifically for warm wallets.
The insurance is issued by OneInfinity by OneDegree, the first and only direct insurer for digital assets in Asia. In addition to enjoying additional insurance coverage, clients have the assurance of the group having passed and met the due diligence standards to be insured by one of the world’s largest crypto insurers.
Wendy Jiang, Head of Cactus Custody, said: “We are delighted to partner with OneDegree and one of the largest Lloyd’s of London syndicates to secure enhanced coverage that includes crime. The added protection meaningfully differentiates our offering, particularly for institutions with compulsory insurance requirements, and reflects our ongoing commitment towards industry best practices.”
Cactus Custody™ solutions safeguard digital assets for over 200 institutional clients with the highest level of service standards for institutions. The USD 50 million crime and specie insurance coverage is specifically tailored to Cactus Custody™ risk requirements to enhance protection of client’s assets like employee collusion, third party theft and the physical loss or damage of private keys.
Alvin Kwock, CEO of OneDegree Group, said: “Our team has worked very closely with the Matrixport team over the past weeks. Throughout the comprehensive cyber security review and technical underwriting process, we are particularly impressed by Cactus Custody’s cutting-edge system, security design, and vault infrastructure built across three continents. With our unwavering commitment to help the good actors in Web 3 thrive, we are glad to provide USD $50 million crime and specie capacity for cold and warm storage, backed by a reinsurance capacity rated A+ by Standard & Poor’s.”
The insurance coverage includes major cryptocurrencies and NFTs, and will continue to expand as Cactus Custody™ extends support to more types of digital assets in the future.