Global cryptocurrency deposit insurer launched
A new digital insurer has chosen Bermuda as the headquarters for its international subsidiary.
Blockchain Deposit Insurance Corporation (BDIC) said it aims to revolutionise cryptocurrency insurance by providing digital wallet insurance for preferred cryptocurrencies, ensuring security and trust in everyday financial transactions.
BDIC, whose parent company Blockchain Deposit Insurance Consultant Group is based in Palm Beach, Florida, said it is establishing its headquarters in Bermuda, with affiliate offices in Switzerland, Hong Kong/Greater China, Canada, and South America.
It said it will also pursue Lloyd’s of London coverholder status, which will grant it specialised authority to assess and underwrite complex cryptocurrency risks.
“This will allow BDIC to develop robust insurance policies in collaboration with Lloyd’s syndicate members already servicing the industry,” the statement said.
“The traditional insurance industry is acknowledging the immense business opportunities in digital assets,” said chief executive officer Jeffrey Glusman. “Achieving Lloyd’s coverholder status will be a pivotal step in establishing a structured, reliable, and trusted insurance framework for the crypto market.
“BDIC is committed to ensuring financial security as global adoption of digital currencies accelerates. We will apply for Lloyd’s Coverholder status and announce our syndicate partner in the near future.”
BDIC will also announce its executive team and key hires, as well as third-party advisors focused on the technical development of BDIC’s decentralised application (DApp), go-to-market strategy, and building a community-driven ecosystem.
Glusman, who worked at Merrill Lynch from 2011 to 2017, is also chief financial officer of Esoteric LLC, which is described on his LinkedIn page as a fine art fintech company focusing on providing liquidity for fine art assets.
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