Cynthia Woo, COO of Matrixport said, "We are glad to announce this insurance coverage by Canopius, one of the largest Lloyd's of London syndicates."
Crypto platform Matrixport signed a $50M insurance policy with Lloyd’s Syndicate’s Canopius Underwriting Division.
The announcement came a week after Matrixport partnered with Elwood Technologies to add the latter’s OEMs to its platform.
Through this insurance coverage, Matrixport aims to protect itself from the crypto winter that has caused many firms to go bankrupt. Moreover, the firm seeks to reassure investors by meeting the due diligence standards of Lloyd’s Syndicate.
"The insurance coverage enhances our custody offerings and empowers clients to leverage our ecosystem in a meaningful way, especially for institutional clients where insurance coverage is a compulsory requirement.”
It is worth noting that Matrixport has continued providing services despite the downtrend in the crypto market.
Currently, Matrixport’s assets are held in Cactus Custody’s Warm and Cold wallets across 3 continents.
Cynthia Woo added,
“Client's asset security is the top priority for Cactus Custody, a qualified custodian, and Matrixport, a crypto financial institution.”
