CoinDesk
Standard Chartered's venture arm and Japan's SBI Group have invested in Soter Insure, joining a Galaxy-led Series B round valued at around $66 million based on bitcoin and ether prices. The total includes roughly $23 million in funding plus more than 500 BTC and 2,000 ETH. Earlier investors included Coinbase Ventures, Franklin Templeton and Brevan Howard Digital.
Why it matters
Soter insures cryptocurrency losses from hacks, theft and software failures. It offers policies funded in bitcoin or ether that pay claims in the same currency, a form of risk protection relevant to banks and asset managers expanding their use of digital assets.
Founder and CEO Henson Orser said BTC and ETH raised by the company have funded insurance programs denominated in those currencies rather than general operating expenses. Soter says it holds the funds in separate accounts in cold storage at regulated custodians.
Market impact
Soter plans to use the investment to increase its insurance capacity and expand in Asia, Europe and the United States. It can cover losses of up to $5 million, 200 BTC or 2,000 ETH using its own assets, Orser said, and shares larger risks with other insurers.
The Abu Dhabi-based company operates under a Bermuda insurance license and has received full license approval from Dubai's financial regulator. Orser said prices for theft-related insurance have risen slightly following recent incidents, while insurers are still determining how to handle losses caused by autonomous AI agents.
Frequently asked questions
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What makes up the roughly $66 million Series B valuation?
The total includes roughly $23 million in funding plus more than 500 BTC and 2,000 ETH, valued using bitcoin and ether prices.
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What types of losses does Soter insure?
Soter covers cryptocurrency losses from hacks, theft and software failures. It offers policies funded in bitcoin or ether that pay claims in the same currency.
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How much risk can Soter cover with its own assets?
Soter can insure losses of up to $5 million, 200 BTC or 2,000 ETH using its own assets, CEO Henson Orser said. It shares larger risks with other insurers.
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Where does Soter plan to expand after the investment?
Soter plans to increase its insurance capacity and expand in Asia, Europe and the United States.
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How does Soter hold the funds used for its insurance programs?
Soter says the funds are held in separate accounts in cold storage at regulated custodians. Its CEO said BTC and ETH raised have funded insurance programs denominated in those currencies.
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