MPCH, a provider of cryptographic storage solutions, has announced a strategic partnership with Canopius, a global specialty property and casualty reinsurer, to offer digital asset custody insurance to its customers.
This collaboration aims to bolster the security of digital assets safeguarded by MPCH’s technologies by introducing an additional layer of protection through insurance coverage. The insurance will mitigate potential losses or damages resulting from physical security breaches that could lead to the irretrievable loss of crypto assets.
MPCH’s cryogenic cold storage solutions are uniquely fortified with Sensitive Compartmented Information Facilities (SCIFs), customized Hardware Security Modules (HSMs) based on zero-trust and zero-knowledge architectures, and Multi-Party Computation (MPC) technology.
Canopius’ insurance product, underwritten specifically for this partnership, complements MPCH’s security offerings by providing an added safeguard against the risks associated with digital asset custody.
Miles Parry, CEO of MPCH, emphasized the significance of this collaboration, stating, “Our partnership with Canopius underscores the evolving landscape of security within the tokenized ecosystem. By integrating MPCH’s cryptographic storage solution with Canopius’ insurance expertise, we are enhancing our capacity to secure sensitive digital assets, empowering our clients to navigate the digital terrain with confidence. We are committed to delivering scalable, tailored insurance solutions that effectively address the unique challenges of private key protection.”
This collaboration follows Canopius’ recent efforts to strengthen its cyber insurance capabilities through partnerships, including one with Group-IB.
Additionally, Marsh, an insurance broker and risk advisor, introduced an insurance facility earlier this year targeting custodians of digital assets. This facility, offering up to $825 million in insurance capacity, is accessible to Marsh clients worldwide and covers both cold storage and other custody solutions.
The partnership between MPCH and Canopius reflects a growing trend in the insurance industry to provide specialized coverage for the evolving needs of the digital asset ecosystem.
This article was adapted from a publication by Life Insurance International, a brand owned by GlobalData.
