Blockchain Deposit Insurance Corp. launches global crypto insurance unit.

Blockchain Deposit Insurance Consultant Group LLC has unveiled Blockchain Deposit Insurance Corp. (BDIC), an international unit dedicated to cryptocurrency insurance. BDIC will offer digital wallet insurance for select cryptocurrencies and establish its headquarters in Bermuda, with affiliate offices in Switzerland, Hong Kong/Greater China, Canada, and South America.

The company plans to apply for Lloyd’s coverholder status to develop insurance policies in collaboration with Lloyd’s syndicate members, aiming to create a structured insurance framework for the cryptocurrency sector.

CEO Jeffrey Glusman emphasized BDIC's commitment to ensuring financial security as digital currency adoption increases. The firm will also introduce its executive team and advisers focused on developing its decentralized application and growth strategy. This move follows Lloyd’s 2024 approval of AnchorWatch as a coverholder, which began offering Bitcoin insurance policies in December.

Source >> insurancebusinessmag