HUB Security has collaborated with Marsh to create an insured storage solution that enables US-based financial institutions to securely offer digital asset custodial services.
As part of the partnership, financial institutions can now store and manage digital assets, including cryptocurrency, on HUB's technological platform.
In addition, firms can purchase up to $400 million in cold storage insurance through Marsh's Digital Asset Risk Transfer (DART) team to cover the risk of theft or damage to the assets or destruction of private keys.
The solution follows the August letter from the US Office of the Comptroller of the Currency (OCC) which gave national banks and federal savings associations the green light to provide cryptocurrency custody services on behalf of customers.
"The crypto custody market is poised to grow significantly following the OCC regulatory clarification,” said Ankur Kacker, senior vice president and a specie specialist on Marsh's DART team.
Kacker continued: "Our combined insured storage solution can provide financial institutions seeking to enter the market a secure place to safeguard their clients' assets and peace of mind knowing their exposures are covered."
"Together, HUB and Marsh are empowering banks and other financial institutions to offer services for storing their clients' digital assets by ensuring they are digitally secure and protected," said Eyal Moshe, CEO and co-founder of HUB Security.
