(Rock of Gibraltar from La Línea de la Concepción.Photo credit: Doctor Ron.)
The Gibraltar Blockchain Exchange (GBX, Gibraltar), a token sale platform and cryptocurrency exchange, has announced an insurance coverage policy in association with Gibraltar based broker 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.
“This represents an important step in attracting users who require strict assurances around the security of their assets,” comments Nick Cowan, CEO, Gibraltar Blockchain. “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 (which on cryptocurrency exchanges function like checking and savings accounts, respectively). 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,” comments Bruno Callaghan, Managing Director, 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.
Purpose-Built DLT Regulatory Framework
“Partnering with Callaghan Insurance highlights the relentless efforts being made by businesses and regulators in Gibraltar to provide a sustainable environment for blockchain development,” Gibraltar Blockchain’s Cowan adds. “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 license to operate by the Gibraltar Financial Services Commission (GFSC). We are excited to underline this tradition of collaborative development as Gibraltar consolidates itself as the home of sustainable blockchain innovation.”