Hub Security Teams With Marsh Offer Insured Storage Solution for Digital Asset Custodians

HUB Security announced its collaboration with Marsh LLC, an insurance broker and risk adviser, to offer a insured storage solution that enables US-based financial institutions to securely and with confidence offer digital asset custodial services.

Financial institutions can now store and manage digital assets, including cryptocurrency, on the company’s military-grade technological platform and 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, backed by A rated insurers, follows the August interpretive letter from the US Office of the Comptroller of the Currency (OCC) clarifying that national banks and federal savings associations may provide cryptocurrency custody services on behalf of customers, including the holding of cryptographic keys associated with cryptocurrency.

“The crypto custody market is poised to grow following the OCC regulatory clarification,” said Ankur Kacker, SVP and specie specialist, DART team, Marsh. “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, HUB Security.

About HUB Security
It is a military-grade provider of programmable HSM and key management solutions for fintech, cloud, and blockchain security. Leveraging military-grade cybersecurity tactics and utilizing innovations, it has developed a family of products that provide high level of enterprise security.

About Marsh
It is an insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, it serves commercial and individual clients with data driven risk solutions and advisory services. It is a business of Marsh and McLennan Companies, professional services firm in the areas of risk, strategy and people. With annual revenue approaching $17 billion and 76,000 colleagues WW, MMC helps clients navigate an increasingly dynamic and complex environment through 4 market businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman.