Singapore, 30th October 2023, ZEX PR WIRE, Liminal, a regulated digital asset custody and wallet infrastructure provider has embarked on an impactful collaboration with Costero Brokers, a leading name in digital asset insurance. The partnership heralds the launch of Liminal’s Insurance Plus offering, to empower Web3 businesses in partnership with Costero Brokers, particularly exchanges, in safeguarding their digital assets against threats such as theft, hacking, and other vulnerabilities.
A recent report by Web3 security firm Beosin highlights a staggering $656 million lost during the first half of 2023 due to scams, hacks, and related security incidents. Addressing this pressing concern, Liminal introduces its Insurance Plus powered by Costero Brokers, aimed at fortifying the security of Web3 businesses, notably exchanges, by offering protection against theft, hacking, and other vulnerabilities. This comprehensive insurance solution seamlessly complements Liminal’s robust security framework.
Costero Brokers, recognized for its expertise in facilitating digital asset insurance policies that encompass theft, hacking, and more, partners with a diverse array of insurers to offer a wide range of coverage options. The company’s focus on collaboration is evident as it expands its specialized insurance services to bring valuable benefits to Liminal’s esteemed clientele through this strategic partnership. This partnership enhances Liminal’s commitment to fortifying asset security strategies for businesses that are embracing the transformative potential of Web3 technologies. This innovative insurance solution harmonizes seamlessly with Liminal’s robust security framework.
“We are excited to launch our Insurance Plus offering in partnership with Costerio Brokers to help Web3 businesses safeguard their digital assets,” said Manan Vora, SVP of Strategy and Business Operations at Liminal. “This partnership underscores our commitment to delivering the most secure and dependable digital asset custody solution. Our Insurance service is set to streamline the adoption of Web3 technologies for businesses.”
James Gadbury, Divisional Director for Costero Brokers Limited, echoed this sentiment, stating, “Our collaboration with Liminal empowers their customers with access to our pioneering insurance products. This partnership equips Liminal’s customers with a proactive defense mechanism against the risks of theft, hacking, and rug pulls.”
The Insurance-as-a-Service offering by Liminal is especially beneficial for Web3 businesses, particularly exchanges, which often hold substantial volumes of digital assets. By integrating this insurance feature, these businesses can proactively shield themselves against potential financial losses stemming from theft, hacking, and other security incidents. As the Web3 ecosystem evolves, such comprehensive insurance solutions play a pivotal role in ensuring the resilience of businesses in the face of evolving threats.
Liminal is a licensed and regulated digital asset custody and wallet infrastructure provider. Launched in April 2021, Liminal is a CCSS Level 3, SOC Type 2 and ISO 27001 & 27701 certified organization. Liminal is based in Singapore, has operations spread across APAC MENA and Europe, along with offices in Hong Kong, Singapore, India and Abu Dhabi. Liminal provides bespoke wallet infrastructure for self-custodial businesses and provides custody services as a qualified custodian with a TCSP license in Hong Kong and an in-principle approval for its custody license from ADGM in Abu Dhabi. Having a deep understanding and over a decade of expertise in wallet technology and digital asset management, the company provides complete peace of mind to digital asset businesses of all sizes, ranging from Crypto Exchanges, OTC desks, Web3 Projects, DAOs, Treasuries, and other crypto native businesses. With a combination of secure multi-signature and multi-party computation (MPC) wallets, Liminal provides secure, efficient, and compliant access to digital assets. Their operational excellence framework ensures efficient fee management, transaction confirmation guarantees, seamless onboarding, and other wallet operations, resulting in significant cost savings for businesses. Their proprietary regulatory readiness program, which includes AML checks, KYB based onboarding, and KYT with travel rule compliance helps digital asset projects fast-track their compliance journey. Liminal takes pride in supporting businesses with their platform, which is secure, compliant and automated with a plug-and-play architecture that enables faster onboarding for developers, business partners and government agencies.
Costero Brokers are an independent, dynamic and entrepreneurial Lloyd’s of London (re)insurance broker regulated in the UK by the Financial Conduct Authority (FCA) (Authorised number 309528). Based in London, Costero provides tailor-made solutions for clients internationally, with well-established relationships with insurance carriers worldwide. Costero is a market leader in providing bespoke and innovative solutions to digital asset companies.