Cryptocurrency custodial services firm Kingdom Trust confirmed on Tuesday that its roughly eight-year quest to obtain insurance has been successfully concluded. According to Reuters, the company has secured insurance coverage through the Lloyd’s of London marketplace.
Kingdom Trust CEO Matt Jennings said that his firm has been seeking coverage since its creation in 2010. The company offers custodial storage services for more than 30 different digital currencies, like Bitcoin, Litecoin, and Ethereum, holding those assets in a secure offline cold storage environment for increased protection. That solution apparently enabled Kingdom Trust to receive what Jennings called a “drastic discount” on its policy.
In a press release announcing the news, Jennings said:
“Qualified custody by a regulated, insured financial institution is a top priority and critical hurdle for institutions to invest in the digital asset markets. By adding another trusted specialist like Lloyd’s to our platform, we’re ensuring that current and future clients will have access to a highly-secure, complete safekeeping solution tailored to meet the challenges of institutional finance.”
Kingdom Trust has reported that it serves more than 100,000 customers and secures more than $12 billion in digital assets for its clients.