Bakkt Announces New Insurance Coverage, Claims More Than 70 Custody Clients
Bakkt has onboarded 70 clients to its custody services, and signed a deal with insurance broker Marsh to provide customers with an optional extra $500 million of coverage.
The new policy means user funds are protected both on- and offline.
Chainlink will provide climate data for insurance startup Arbol’s weather derivatives. Small to medium sized firms can use the Ethereum-based dapp for hedging natural events.
The free insurance scheme covers customers for up to £1 million if the firm should ever become insolvent. But crypto holders are left out in the cold.
Formerly called BlockRe, the crypto insurance provider raised the seed round from Morgan Creek,Plug n Play, Kailash Ventures and other investors.
Nexus Mutual, an alternative insurance provider for a variety of Ethereum-based DeFi protocols, has seen its risk pool double over the past 90 days to more than $4 million.