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Crypto Custody Firm Copper Inks $500M Insurance Deal With UK Giant Aon

Crypto custody firm Copper has arranged $500 million of insurance cover for digital assets in cold storage, one of the biggest arrangements in the industry, the company said in a statement.

The cover was organized by Aon (AON), the largest U.K. insurer by market cap, using a panel of insurers led by Canopius, a Lloyd’s of London syndicate, according to the statement.

The growth in the value of digital assets in recent years has led to increased demand for cold storage, and generated the means to protect crypto assets offline, particularly as institutional adoption of the new asset class has expanded, Copper said. The insurance will provide cover against employee collusion, third-party theft and physical loss of or damage to digital assets looked after by the company.

“Safeguarding digital assets is the central goal of our business, and now we have an extra level of security to reassure our clients,” said Greg Hall, Copper’s chief of staff. “Copper will continue to work closely with the insurance market to ensure we have the most appropriate market-leading policies to support the growth of our business,”

London-based Copper has raised $196 million in new funding this year, according to filings with Companies House, the U.K.’s registrar of companies.

Read more: Crypto Custodian Copper Raises $196M in Series C Funding Round