Insurtech Soter Insure, a provider of insurance products for the digital asset market, has raised an undisclosed amount in its Series A funding round, led by Galaxy, with contributions from Brevan Howard Digital, Karatage, Token Bay, and Pharsalus, among others.
Headquartered in Abu Dhabi with operations in Bermuda, Soter Insure also has offices in London, New York, and Dubai.
The company was incubated by Further Ventures and WebN Group and focuses on providing insurance solutions for financial institutions dealing with digital assets.
Its coverage includes asset loss, directors and officers (D&O) liability, and smart contract failures, with policies available in both fiat and digital currencies.
As Web3 continues to grow, the lack of reliable insurance has made it harder for institutions to fully embrace the space. Soter Insure wants to change that by offering products specifically designed to protect against risks in decentralized technologies.
The goal is to give both institutional and retail participants more confidence in digital assets.
The new funding will help Soter Insure expand, focusing on scaling its underwriting and technology teams. It plans to strengthen its market presence and improve risk management capabilities.
Founder and CEO Henson Orser stated that Soter Insure aims to set a higher standard for risk management in digital assets. He expressed pride in securing support from Galaxy and other investors, emphasizing the company’s commitment to developing insurance solutions that meet market needs.
Our mission at Soter is to set a new standard for risk management in the digital assets space. We are proud to have the support of Galaxy and our other Series A investors as we work to build innovative insurance products that meet the unique needs of the market.
Henson Orser, Founder and CEO of Soter Insure
“With this funding, we’ll continue to expand our offerings and grow our footprint globally, providing clients with trusted and transparent risk management solutions.” said Henson Orser.
The funding will support the firm’s global expansion and efforts to provide trusted, transparent risk management.
Galaxy Digital founder and CEO Mike Novogratz highlighted Soter Insure’s role in addressing a key industry need. He stated that their approach to risk management empowers digital asset holders and operators. Galaxy looks forward to supporting their growth and expansion.
Galaxy is excited to support Soter Insure in their mission to bring innovative insurance solutions to the digital asset ecosystem. Their tailored approach to risk management meets a crucial industry need, empowering digital asset holders and operators with confidence.
Mike Novogratz, Galaxy Digital founder and CEO
Soter Insure is a provider of specialized insurance solutions for the digital asset economy. With a focus on institutional investors, Soter offers a range of innovative insurance products that address the unique risks of the blockchain ecosystem. Soter Insure is committed to providing robust, transparent, and secure risk management solutions.
In January, Soter Insure announced that its Bermuda-based operating company has received full licensing approval from the Bermuda Monetary Authority (BMA). This achievement enables Soter Insure to offer a comprehensive suite of insurance products specifically designed for institutions in the blockchain and cryptocurrency sectors.
Soter Insure’s product offerings include D&O insurance, Asset Loss coverage, and Smart Contract insurance. Uniquely, these policies are denominated in U.S. dollars, Bitcoin, and Ethereum, effectively addressing the asset-liability mismatch commonly associated with insuring digital assets. This innovative approach ensures that policyholders are indemnified in the same currency as their insured assets, providing seamless and efficient coverage.
This licensing milestone underscores Soter Insure’s commitment to redefining insurance for the Web3 economy. Our innovative approach ensures digital asset institutions can operate with confidence, knowing they are protected by tailored insurance solutions that meet the unique needs of their businesses.
Henson Orser, CEO of Soter Insure
Mohamed Hamdy, Chairman of Soter Holdings Limited and Managing Partner at Further Ventures, added: “Achieving full licensing from the BMA marks a pivotal moment for Soter Insure. It underscores our commitment to delivering innovative, compliant, and effective insurance solutions for the rapidly evolving digital asset landscape.”
Incubated by Further Ventures and WebN Group, Soter Insure is poised to set new standards in the insurance industry, offering robust and tailored solutions for institutions within the Web3 ecosystem.
