The insurance company has created a group of mostly European insurers that aims to offer a crime insurance product to institutions using Metaco’s SILO solution for hot and cold (online and offline) wallets, according to CoinDesk. SILO is the company’s hardware security module-based (HSM) platform, and it involves components from Estonia-based security Guardtime.
The policies cover losses on everything from natural disasters destroying the private keys kept offline in cold storage to third-party hacks of hot wallets connected to the internet. However, the insurer did not disclose the dollar amount of coverage available.
Metaco is a Switzerland-based company, part-owned by the telecom provider Swisscom; the national postal service, Swisspost; and banking technology vendor Avaloq. It focuses on providing custody tools to institutions interested in crypto and among clients we found the Swiss subsidiary of Russian state-owned Gazprombank.
Metaco is one of the companies that make up the Custodigit partnership underpinning German securities exchange Deutsche Börse’s digital asset pilot in Switzerland.
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