While cryptocurrencies and digital tokens — also known as “digital assets” — have disrupted traditional notions of commerce, capital and investing, there is another asset which any company engaged in this space will need: insurance. Given the rapidly-evolving nature of this new technology and the uncertainties surrounding applicable laws and regulations, it can be challenging to figure out the types of insurance products that should be considered. Any company engaged in this space should ask itself the following questions to help determine which lines of insurance it should consider.

Continue Reading

Elliptic, a London-based digital virtual currency services firm, announced this week that it has secured insurance coverage through Lloyd’s of London for Bitcoin deposits made into its “deep cold storage” vault.  This is an encouraging first step to address a pressing need—insurance—in the digital virtual currency space, but, as the saying goes, the devil is in the details.  For users of the vault and other digital virtual currency companies seeking similar insurance coverage, consideration should be given to several details, some known and some unknown.
Continue Reading