Gibraltar Blockchain Exchange insures listed assets through Callaghan Insurance

The Gibraltar Blockchain Exchange (GBX) has announced that it is introducing insurance coverage for listed assets in collaboration with Callaghan Insurance.

With this insurance coverage, the assets listed on the GBX Digital Asset Exchange (GBX-DAX), a secondary exchange for the trading of digital assets, can be insured, GBX 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,” Nick Cowan, CEO of GBX, said.

“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.”

The policy will cover all the assets in the custody of the GBX, including both hot and cold wallets. GBX said that this will provide “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 been actively working to raise awareness of Gibraltar as a destination for companies seeking to benefit from the 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.

“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.