Ledger, the developer behind the exemplary Nano hardware wallet, is prepping up its technology for institutional adoption with the help of Marsh, a broker and risk management firm, and Arch, a leading insurance company in Europe.
According to reports, Marsh has secured an insurance policy worth $150 million from Arch Insurance Limited for the users of Ledger’s custody arm, Ledger Vault. The development means that the tech platform now offers users a crime insurance policy for their digital assets.
The program reportedly applies to master seed fragments’ secured transmission. It also covers private keys and master seed’s third-party theft, as well as those theft caused by an inside conspiracy between Ledger’s employees. However, Ledger Vault clarified that it would not take responsibility for a robbery carried out via a third-party remote hack.
The global chief of Ledger Vault, Demetrios Skalkotos, further touted that the policy is designed to protect users at all times. From the onboarding process to securing an encrypted communication channel and down to personal security devices, the chief emphasized that the policy could guarantee the user’s safety in terms of storing and moving their crypto funds.
Meanwhile, Marsh’s senior vice president, Jennifer Hustwitt, clarified that users who are covered by Ledger Vault’s insurance program are entitled to obtain a limit based on their holdings. She further emphasized that this dedicated limit is not included in Ledger’s newly-acquired $150 million crime insurance policy.
While there is a growing number of crypto custodians that have won the support of leading insurance companies in the world, Ledger Vault’s case is viewed by industry analysts as a turning point for the crypto community. Notably, the firm is not offering custody services. Instead, it enables investors to store their cryptocurrencies using the firm’s cutting-edge tools.