Onchain Custodian (ONC), a Singapre-headquartered blockchain asset custodian company, has announced with the support of Lockton Companies, the world’s largest privately-owned insurance broker, the addition of insurance coverage for ONC customer assets.
The insurance will cover theft of digital assets held by ONC on behalf of their clients via employee dishonesty or through third parties.
“Insurance is a critical component of a reliable third-party custody service offering. It was great to be able to work with Lockton on this. This collaboration not only involved the placement of our insurance coverage but also, together with IBM and Spartan, information sessions for underwriters based in Singapore. Our industry is still relatively new and education is important. At Onchain Custodian, we are committed to supporting the growth of our industry through such initiatives.”
– Alexandre Kech, CEO of ONC
Complementing the technology built by ONC’s partner Onchain, the insurance coverage further contributes to the peace of mind of institutional players and qualified investors choosing ONC as their trusted third-party custodian.
“We are working with a number of firms within the digital asset industry in Asia by helping them put together appropriate insurance programs to mitigate their risk exposure. Onchain Custodian has the right mix of senior management experience, business vision and robust security standards that insurers like. The key learning experience is that the procurement process takes time as many traditional insurers are new to the industry and conversely many digital asset companies are new to insurance. Ultimately, there is underwriting appetite for those firms that are patient, transparent and willing to engage.”
– Rob Russell, Regional Director, Asia, for Lockton Companies