Cybersecurity hardware provider HUB Security has announced a collaboration with Marsh to offer an insured storage product that enables US-based financial institutions to offer digital asset custodial services.
Financial institutions will be able to store and manage digital assets, including cryptocurrency, on HUB’s military-grade tech 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 or the destruction of private keys.
The launch follows an August letter from the Office of the Comptroller of the Currency stating that national banks and federal savings associations can provide cryptocurrency custody services for customers, including the holding of unique cryptographic keys associated with cryptocurrency, HUB Security said.
“The crypto custody market is poised to grow significantly following the OCC regulatory clarification,” said Ankur Kacker, senior vice president and specie specialist on Marsh’s DART team. “Our combined insurance 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, co-founder and CEO of HUB Security.