Cryptocurrency and ICO news 04.10.2018
Gemini secured insurance coverage for custodied assets
Gemini has secured insurance coverage for custodied digital assets from lending services firm Aon.
Gemini’s digital insurance coverage will complement the already available Federal Deposit Insurance Corporation (FDIC)-insured U.S. dollar deposits. Yusuf Hussain, Gemini’s Head of Risk, said:
“Consumers are looking for the same levels of insured protection they’re used to being afforded by traditional financial institutions. Educating our insurers not only allows us to provide such protections to our customers, but it also sets the expectation for consumer protection across the crypto industry.”
In July, Aon claimed to occupy 50 percent of the cryptocurrency insurance market, expecting to see more crypto-specific protections catering to the industry. Another insurance brokerage company, Marsh & McLennan, reportedly said that 2018 had been “brisk” for crypto-insurers, revealing that it had formed its first-ever team dedicated to broker policies for blockchain startups.