Deus X Capital, together with Soter Insure, has introduced the world's first hybrid insurance product offering protection in both U.S. dollars and Bitcoin. This move aims to improve risk management in the digital asset sector.
Launch of an Innovative Product
This insurance product targets Virtual Asset Service Providers (VASPs), including Deus X's portfolio company, Deus X Pay. The new insurance offering merges traditional Directors & Officers (D&O) and Professional Indemnity (PI) coverage in USD with Bitcoin-denominated Crime coverage, eliminating currency conversion risks.
Benefits of Hybrid Insurance
The insurance will allow firms to pay premiums in cryptocurrency, providing greater flexibility for digital-native companies. The Bitcoin-based Crime coverage is particularly relevant, as it addresses the specific risks faced by crypto firms today.
Development in Crypto Insurance
The product is underpinned by strong institutional backing. Soter Insure counts notable investors such as Galaxy Digital and Brevan Howard Digital among its backers, indicating increasing confidence in crypto-focused insurance solutions. With tightening global regulations, such products adequately meet the needs of compliant firms.
The launch of the new hybrid insurance product by Deus X Capital and Soter marks a significant step forward in the development of insurance in the crypto space, addressing the challenges faced by companies working with digital assets.
