Metaco, a digital asset custody tech firm is partnering with insurance broker Aon to provide Crypto Custody Insurance for the former’s clients. So, Aon has lined up with the European insurers to provide this insurance product.
Metaco’s SILO solution for hot and cold wallets will help offer the new insurance policy. The insurance will reportedly cover the losses of the offline private keys in cold storage. Also, it will help recover losses from any third party hacks of the internet connected hot wallets. Metaco wanted to provide a framework for all the SILO based custodians. The framework will help them get a crypto custody insurance cover.
The offer of insurance particularly with hot wallets has remained less. But it has gradually responded to the demand of starting with insurance cover for cold storage. The demand drives from financial institutions who look forward to holding digital assets.