Policy to Cover Both Hot and Cold Wallets; GBX Recently Granted Full Licence by Regulator
The Gibraltar Blockchain Exchange (GBX), a world-leading institutional-grade token sale platform and cryptocurrency exchange, has today announced an insurance coverage policy in association with Gibraltar based firm 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.
Speaking about today’s announcement, Nick Cowan, CEO of the Gibraltar Blockchain Exchange, 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.”
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.
“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,” said Bruno Callaghan, Managing Director of Callaghan Insurance Brokers.
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.
“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,” concluded Cowan.
For more information, visit https://exchange.gbx.gi/
About the GBX:
The Gibraltar Blockchain Exchange (GBX) a world-leading institutional-grade token sale platform and Digital Asset Exchange that is a part of the GSX Group, which also includes the Gibraltar Stock Exchange (GSX), a European Union (EU) regulated stock exchange. The GBX is a global listing and token sales springboard for utility tokens that have satisfied a strict due diligence and admissions process as well as a high-quality Digital Asset Exchange. The GBX is setting a higher standard for token issuance and trading through best practices and good governance, for the benefit of all market participants.
About Callaghan Insurance:
An independent company, Callaghan Insurance Brokers are fully committed to serving clients with carefully formulated, precise insurance services. The Callaghan Insurance Group in collaboration with their partners, Paragon Insurance Brokers, has and continues to work tirelessly to inform London underwriters, not only on the DLT Regulations and Gibraltar as a jurisdiction, but also on the individual risks associated with each company seeking corporate insurance solutions to ensure fit for purpose coverage is available to those companies setting up in Gibraltar. Regulated by the Gibraltar Financial Services Commission, Callaghan Insurance Brokers Limited fully complies with the requirements laid out by the 1989 Financial Services Ordinance.