SNEAK PEEK
- An insurance plan for non-fungible tokens is available from cryptocurrency custodian Aegis Trust (NFT).
- Aegis will be able to guarantee up to $25 million worth of tokenized assets owned by institutional investors.
- The new NFT insurance policy from Aegis Digital Vault platform adds an additional degree of security to its existing regulatory-compliant institutional storage solutions.
Digital asset insurance continues to be a hot topic of conversation as the NFT market struggles through an extended crypto winter.Aegis Trust a crypto storage service is providing non-fungible token insurance (NFT).
Aegis will be able to guarantee up to $25 million worth of tokenized assets owned by institutional investors, hedge funds, and exchanges thanks to the policy, which was issued by the insurance market Lloyd’s of London.
Aegis Trust’s CEO, Serra Wei, stated In an interview that a lack of protection and regulation has caused consumers to lose their investments, which drove the launch of a custodial product for NFTs by the business. Its new NFT insurance coverage adds a higher level of protection to its existing regulatory-compliant institutional storage options provided by its Aegis Digital Vault platform.
We are concentrating on the infrastructure’s security. And that’s extremely crucial for institutions, which continue to contribute the lion’s share of the value to the cryptocurrency market, Wei told CoinDesk. “I think it’s vital to be able to provide that layer on top of what we now provide to clients.
In order to provide custody and staking for Evmos (the EVM hub launched on Cosmos) and Avalanche, the company partnered with Coinbase Cloud in August.
With regulation in mind, the company has enlarged its asset custody and digitization solutions during the past few years. The South Dakota Division of Banking granted Aegis Trust regulatory certification in December 2020 so that it could create its trust. BitGo and Anchorage, two institutional custody companies, obtained permission to operate in the same state.
To provide protection for tokenized assets, IMA ( insurance company) opened an office in Decentraland. And there seems to be a greater interest in protecting digital assets now that the crypto exchange FTX has failed.
