Standard Chartered and SBI back crypto insurer Soter as funding reaches $23.5 million
Source: CoinDesk ·
From the source
Soter also received backing of 500 BTC and 2000 ETH, worth another $43 million at current prices. Standard Chartered’s venture arm and Japan’s SBI Group have invested in cryptocurrency insurer Soter Insure, joining a funding round expected to bring the company’s total backing to $23 million plus more than 500 BTC ($38.4 million) and 2,000 ETH ($4.5 million). The investment takes Soter's Series B raise to around $66 million based on bitcoin and ether's current prices. SC Ventures and SBI joined the Galaxy-led round, whose earlier investors included CoinBase Ventures, Franklin Templeton and Brevan Howard Digital, Soter announced on Thursday. The investment comes as bank and asset managers increase their use of cryptocurrencies but face the risk of losing millions to hacks, theft and software failures. Soter sells insurance against those potential losses, including policies that pay claims directly in bitcoin or ether rather than dollars. "Any BTC or ETH we have raised along the way has…
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