Dec 10 - GBX Introduces Insurance Coverage For Listed Assets
The Gibraltar Blockchain Exchange (GBX) has announced a new insurance coverage policy in association with Callaghan Insurance.
The insurance coverage ensures that assets listed on the GBX Digital Asset Exchange (GBX-DAX), a secondary exchange for the trading of digital assets, can be insured.
A spokesperson said: "The coverage ensures that assets in the custody of the GBX can be insured, including both hot and cold wallets. This means assets can be covered for users, providing additional reassurance to a wide variety of traders around security and transparency.
"The Callaghan Insurance Group, in collaboration with their partners Paragon Insurance Brokers, have a track record of working to raise awareness of Gibraltar as a destination for companies seeking to benefit from the world-class Distributed Ledger Technology (DLT) regulations, introduced in January 2018. Callaghan aims to ensure that there is fit for purpose insurance coverage available for innovative blockchain-based companies, playing a vital part in the jurisdiction’s services industry."
Bruno Callaghan, Managing Director of Callaghan Insurance Brokers, said: “I am delighted that Callaghan have been able to procure, after much research and collaboration with the London insurance market, a bespoke, fit for purpose coverage option that affords our clients and the jurisdiction the necessary protection to move forward confidently in the DLT arena."
CEO of the Gibraltar Blockchain Exchange, Nick Cowan said: “We are delighted to announce the introduction of insurance coverage for the GBX-DAX. This represents an important step in attracting users who require strict assurances around the security of their assets. This offering is only possible because of the confidence derived from the fact that the GBX has always been committed to building a platform focused on the highest regulatory standards and the strictest due diligence processes.
“Partnering with Callaghan Insurance highlights the relentless efforts being made by businesses and regulators in Gibraltar to provide a sustainable environment for blockchain development. Earlier this year, Gibraltar became the first jurisdiction to introduce a purpose built DLT regulatory framework, and this month the GBX was granted a full licence to operate by the Gibraltar Financial Services Commision (GFSC). We are excited to underline this tradition of collaborative development as Gibraltar consolidates itself as the home of sustainable blockchain innovation.”
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