Palm Beach, Florida-based Blockchain Deposit Insurance Consultant Group LLC has announced the launch of its new international entity, Blockchain Deposit Insurance Corporation (BDIC) announced the launch of an international cryptocurrency insurance division and plans to apply for Lloyd’s coverholder status.
The new firm, Blockchain Deposit Insurance Corp. (BDIC), will offer digital wallet insurance for selected cryptocurrencies, the company stated. BDIC will be based in Bermuda, with affiliate offices in Switzerland, Hong Kong/Greater China, Canada, and South America.
In the coming months, BDIC intends to apply for coverholder status, which it says will enable it to create well-structured insurance policies in partnership with Lloyd’s syndicated members serving the crypto sector.
BDIC will also reveal its executive leadership, key hires, and third-party advisers working on its decentralized application, market strategy, and plans for a community-driven network.
“Securing Lloyd’s coverholder status will be a key milestone in developing a clear and dependable insurance framework for digital assets,” said Jeffrey Glusman, chief executive officer.
BDIC is dedicated to financial security as digital currency adoption expands. We will submit our Lloyd’s coverholder application soon and announce our syndicate partner shortly.
Last year, AnchorWatch, a managing general agent and Bitcoin custody firm, secured approval as a Lloyd’s coverholder.
“This project will be part of our legacy,” Glusman said of the soon-to-be-announced leadership team. “By securing digital wallets, we provide the missing mental component for crypto adoption: safety. Trust and confidence in security are essential for cryptocurrency’s integration into daily life, and our team is ready to play a crucial role.”
Starting in December, AnchorWatch’s policies became the first to insure up to $100 mn in Bitcoin value while allowing customers to retain control of the secure codes, or keys, used to access and manage their cryptocurrency, said Chief Operating Officer and co-founder Becca Rubenfeld.