Lloyd’s Of London Insures Crypto Custody For US Firm Kingdom Trust
U.K. insurance market leader Lloyd’s of London will insure an institutional cryptocurrency storage platform developed by US-based custodial firm Kingdom Trust.
Lloyd’s of London will now provide insurance for Kingdom Trust’s $12 billion worth of assets including traditional and alternative assets. This agreement might help induce larger financial institutions to invest in the rapidly growing cryptocurrency business.
Matt Jennings, CEO, Kingdom Trust, said in a statement, “We serve both institutional and individual investors by providing qualified custody, which gives our clients the framework they need to ensure compliance with their regulators using clear and transparent reporting.”
Kingdom Trust is a state-regulated public trust company. For nearly a decade, the firm has assisted clients with regulatory compliance by serving as a qualified custodian and specializing in a variety of asset classes.
Kingdom Trust claims to be the first regulated financial institution to offer qualified custody for digital asset investments. It provides custody services for over 30 different assets, including bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Litecoin, Ripple, ZCash and Stellar Lumens.
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