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This is part of Amber Group’s build-out of a comprehensive global insurance plan that aggregates to over USD$100 million in coverage, which is set to increase as the company grows its asset management business.
Amber Group has secured comprehensive global insurance coverage protecting digital assets held in its wallet infrastructure on behalf of clients.
The digital asset platform’s wallet infrastructure is now covered with direct insurance policy, indirect coverage and insurance-backed Theft Protection.
The two providers behind the comprehensive coverage is Arch Syndicate 2012 of Lloyd’s of London and OneDegree, the first InsurTech company in Asia to provide digital asset insurance, supported by a multi-year reinsurance partnership with Munich Re.
Amber Group has also implemented a proactive measure against fraud, loss and theft via Coincover’s insurance-backed Theft Protection, a cutting-edge technology insured by certain Underwriters at Lloyd’s of London.
This is all part of Amber Group’s build-out of a comprehensive global insurance plan that aggregates to over USD$100 million in coverage, which is set to increase as the company grows its asset management business.
Michael Wu, Chief Executive Officer at Amber Group, said: “The global crypto market is expanding exponentially, but the rise of cybercrime incidents in the crypto space is still a major concern for many investors. As we continue to drive the adoption of digital assets worldwide, Amber Group is extremely committed to upholding the highest standards in security for our customers. Security, reliability and privacy are the core tenets of our industry and these are the very same factors that will determine overall industry success as we work to realize the future of finance. Our company is proud to serve as a trusted digital asset platform for our customers, and we will continuously provide our customers with the most robust security measures and global insurance coverage for our wallet infrastructure possible.”
Alvin Kwock, co-founder and Chief Executive Officer at oneDegree, added: “We are pleased to provide OneDegree’s digital asset insurance to Amber Group. Amber Group has demonstrated competency in security, control and process integrity, through our comprehensive underwriting review by OneDegree’s proprietary cyber security solution Cymetrics and by our reinsurer partner Munich Re. OneDegree will continue to bring our expertise and insurance capacity to serve the broader web3 community and transform the industry with enhanced security and trust.”
David Janczewski, Chief Executive Officer at CoinCover, commented: “We’re proud to be supporting such a pioneering company in their mission to make crypto safer. By combining Coincover’s proactive theft protection technology with comprehensive insurance coverage, Amber Group is truly leading the way in reducing the risk exposure of crypto investors across the world. We’re excited to see how this impacts the wider adoption of digital assets and crypto finance.”
Digital asset platform Amber Group has recently acquired Celera Markets Limited in order to conduct relevant regulated activities under the auspices of Type 1, 2, 4, 5 and 9 licenses from the Hong Kong Securities and Futures Commission.
Celera is a discretionary asset management firm fully licensed by the Securities and Futures Commission (SFC) of Hong Kong that engages in traditional securities and derivatives brokerage services.
The goal of Amber Group with the acquisition of Celera Markets is to leverage the inevitable synergies in order to broaden its advisory and deals offering for financial instruments, while adhering to the regulatory parameters set by the SFC.
Earlier this year, Amber Group’s subsidiary WhaleFin Japan acquired crypto asset exchange DeCurret Inc. in a move that marks the group’s entry into Japan, having acquired a Crypto-Asset Exchange Service Provider (CAESP) registered with Japan Financial Services Agency (FSA).
DeCurret is one of the 30 registered CAESPs operating in Japan since 2018 and is backed by 35 shareholders including leading Japanese financial institutions and corporations.
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