April 24, 2024 - Leading custodian Copper.co and trusted third party Nemean Services announce that they have upgraded their insurance protection for digital assets in cold storage. Building on the $500m of cover already in place, one of the largest limits in existence, cover has now been extended to include the risk of collusion– a crucial concern when utilising trusted third parties for private key security – in this case between Copper.co and Nemean Services. Cover has been arranged by Aon, a leading global professional services firm.
In what is believed to be the first arrangement of this kind, Copper and Nemean Services' insurance policies have been interlinked. This means that clients using Copper’s MPC-enabled segregated vaults are safeguarded against collusion risks involving any combination of Copper, Nemean Services, and their institutional clients.
“Client security is paramount, and interlinking our cold storage insurance coverage with Nemean Services, is another step to further bolster the safeguards that we have in place for our clients when it comes to strengthening the protection of their digital assets.", commented Dmitry Tokarev, CEO of Copper.co. "Copper is committed to proactively working with the insurance market, and our trusted third parties, to implement these novel policies, and welcome the enhancements this significant collaboration brings when it comes to mitigating risk.”
Jonathon Wynniatt-Husey of Nemean Services, commercial director, commented: "This enhancement to our insurance programme addresses the vital issue of collusion when trusted third parties are utilised for private key security. We've mitigated risk while preserving the benefits of Multi-Party Computation technology.”
Ed Pugh, Development Director of Aon’s Financial Services Group, said: “This is a great example of how Aon is helping the insurance market deliver solutions needed by digital assets clients."
Cold Storage and Interlocking of Policies
The cold storage insurance provides cover for employee collusion, third party theft and physical loss or damage to digital assets held in hard drives. Copper’s new policy is in addition to its existing bespoke Aon-brokered crime insurance policy, thus strengthening the custodian’s security proposition for its clients.
For media inquiries, please contact:
Copper.co: tom.teodorczuk@h-advisors.global
Nemean Services: km@nemeanservices.co.uk
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About Nemean Services
Nemean Services Integrates Military-Grade Protocols with Financial Expertise for Enhanced Digital Asset Security and Compliance. This distinctive blend ensures not only comprehensive disaster recovery and robust defensive measures but also proactive threat identification.
Boasting a seasoned team with a proven track record in digital asset storage, Nemean Services stands out in its commitment to safeguarding digital assets. With extensive expertise spanning both military and financial domains, the company excels in the creation, storage, security, audit and recovery of digital assets.
For further information, please visit www.nemeanservices.co.uk or contact km@nemeanservices.co.uk
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues in over 120 countries and sovereignties provide our clients with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.
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About Copper.co
Since being founded in 2018, Copper has been building the standard for institutional digital asset infrastructure with a focus on custody and collateral management. Underpinned by multi-award-winning technology, Copper has built a comprehensive and secure suite of products and services required to safely custody and trade digital assets. At the core of Copper’s infrastructure is ClearLoop, which enables clients to manage collateral and settle trades in near real-time across multiple exchanges, while mitigating counterparty risk and increasing capital efficiency.
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