Matrixport’s Cactus Custody Taps OneDegree to Upgrade US$50M Insuranceby Fintech News Singapore October 24, 2023
Cactus Custody, Matrixport’s digital asset custodian service provider, has upgraded its US$ 50 million insurance coverage to include crime protection for warm wallets. The insurance is issued by Hong Kong’s digital insurer OneDegree.
This means that Cactus Custody’s clients will now be protected against losses caused by employee collusion, third-party theft, and the physical loss or damage of private keys.
The new insurance covers major cryptocurrencies and NFTs, and will continue to expand as Cactus Custody extends support to more types of digital assets in the future.
Cactus Custody provides custody services for over 200 institutional clients.
Wendy Jiang, Head of Cactus Custody said,
“We are delighted to partner with OneDegree and one of the largest Lloyd’s of London syndicates to secure enhanced coverage that includes crime.
The added protection meaningfully differentiates our offering, particularly for institutions with compulsory insurance requirements, and reflects our ongoing commitment towards industry best practices.”
Alvin Kwock, CEO of OneDegree Group said,
“Throughout the comprehensive cyber security review and technical underwriting process, we are particularly impressed by Cactus Custody’s cutting-edge system, security design, and vault infrastructure built across three continents.
With our unwavering commitment to help the good actors in Web 3 thrive, we are glad to provide US$50 million crime and specie capacity for cold and warm storage, backed by a reinsurance capacity rated A+ by Standard & Poor’s.”