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MPCH, a provider of cryptographic storage solutions, has partnered with global specialty and property and casualty reinsurer Canopius to deliver enhanced insurance coverage for digital assets held in custody. This new collaboration seeks to bolster the security framework for digital assets by offering specialized custody insurance, further protecting against potential losses or damages to crypto assets that could render them irrecoverable.
MPCH utilizes advanced cryogenic cold storage solutions equipped with Sensitive Compartmented Information Facilities, custom Hardware Security Modules designed based on zero-trust and zero-knowledge principles, and Multi-Party Computation technology. Canopius brings its insurance expertise into the partnership, offering products that are tailored to address the unique risks associated with digital asset security.
Miles Parry, CEO of MPCH, commented on the partnership, stating, “Our collaboration with Canopius is a significant milestone in the evolution of security within the tokenized ecosystem. By combining our advanced cryptographic storage capabilities with Canopius’s robust insurance solutions, we are better equipped to protect sensitive digital assets and provide our clients with the confidence they need to operate in the digital world. Our aim is to deliver scalable, customized insurance solutions that effectively address the challenges of protecting private keys.”
This announcement follows Canopius’s recent initiative to enhance its cyber insurance offerings in collaboration with Group-IB, and the launch of a new insurance facility by Marsh in March, which provides up to $825 million in coverage for digital asset custodians globally, covering various custody solutions including both cold storage and other methods.
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