Kingdom Trust Partners with Insurance Firm for Its Digital Asset Custodial Services

A U.S.-based multi-asset custody firm has announced that it will launch a fully insured storage option for clients seeking to secure their digital currency holdings. To facilitate this, Kingdom Trust has partnered with the respected insurer Lloyd’s of London.

Kingdom Trust Brings Much Needed Insured Custody Solutions to Crypto

For those not technically minded, storing digital assets securely can be something of a nightmare.

Firstly, private keys need to be generated in a completely offline environment. These then need backing up and storing in a way that will protect them from prying eyes, real-world and cybercriminals, and natural disasters. Then there’s the matter of passing the value on should the holder of the funds pass away.

Many seeking exposure to this growing asset class would prefer to gain it under the protection of a custodial solution like those provided for traditional holdings. One company in the digital custodial sector has just ramped up the level of protection it can provide to clients.

Kingdom Trust recently announced a partnership with the well-respected insurance firm Lloyd’s of London. According to a post on their website, this should provide additional peace of mind to those wanting to store their digital assets using a third party custodial service. It is also thought to be a vital step in encouraging the planet’s largest money managers and financial institutions to enter the market.

Kingdom Trust’s CEO, Matt Jennings, stated:

“Qualified custody by a regulated, insured financial institution is a top priority and critical hurdle for institutions to invest in the digital asset markets… By adding another trusted specialist like Lloyd’s to our platform, we’re ensuring that current and future clients will have access to a highly-secure, complete safekeeping solution tailored to meet the challenges of institutional finance.”

Kingdom Trust currently secures over $12 billion in assets. The firm provides custodial services for both traditional assets, as well as digital currencies. The digital currency options include Bitcoin, Bitcoin Cash, Bitcoin Gold, Ether, Litecoin, XRP, and around 25 smaller cap coins. They also plan on expanding this service in the coming months.

The company claims to differ from other firms in the space offering such custodial solutions. They state that most other companies providing such services lack various qualifications required by regulators to oversee the storage of assets. These include: regular audits, proper safekeeping, and adequate record keeping. With almost a decade of experience in securing assets plus new deals with established insurers, Kingdom Trust are positioning themselves as market leaders in terms of digital currency custodial services.

Many established digital currency and legacy financial firms have recently launched or are currently exploring their own custodial solutions for digital assets. The lack of adequate security provisions for those who do not wish to manage their own private keys is seen by many as one of the largest barriers to institutional money entering the market.

Featured image from Shutterstock.

The post Kingdom Trust Partners with Insurance Firm for Its Digital Asset Custodial Services appeared first on NewsBTC.

by Rick D. on August 31, 2018 at 01:30AM