Institutional grade token sale platform and cryptocurrency exchange the Gibraltar Blockchain Exchange (GBX), is now offering insurance coverage for all the digital assets currently listed on its trading platform, per the firm’s official announcement published December 10.
As detailed in its latest blog post, the Gibraltar Stock Exchange’s subsidiary GBX is providing assets insurance through local firm Callaghan Insurance Brokers, emphasizing that “all assets in the custody of the GBX are fully insured, including both hot and cold wallets.” The insurance, as the company added, “covers all forms of professional indemnity.”
Initially launched in July, GBX has previously raised over $27 million during a previously completed funding round. At press time, the exchange has facilitated over $8.9 million worth of trading volume in the last 24 hours, placing it in the 60th spot on the exchange rankings by adjusted volume, CoinMarketCap data show.
In November, the exchange has been authorized by the Gibraltar Financial Services Commission (GFSC) to operate as a fully licensed provider of Distributed Ledger Technology (DLT).
As described in GBX’s blog post, Callaghan Insurance Brokers an independent insurance firm headquartered in Gibraltar regulated by regulated by the GFSC, of which one of its board members currently serves as the company’s managing director.
GBX would not be the first crypto exchange to provide insurance coverage for digital assets. In October, crypto trading platform Gemini has also begun offering crypto insurance through insurance firm Aon.
As it stands, the government of Gibraltar has increasingly been exerting efforts in the development and regulation of blockchain technology. In October, an advisory group has been established to introduce a number of blockchain-related courses in the academe.