OSL enhances digital asset insurance, securing a three-year deal and setting a global record in committed capacity.
Hong Kong, 8 Oct 2024 – OSL Digital Securities, the digital asset platform of OSL Group (863.HK) – Hong Kong’s only publicly listed company fully dedicated to digital assets, today announced a groundbreaking enhancement to its Digital Asset Custody insurance programme. This move establishes a new global standard in the rapidly evolving digital asset landscape, positioning OSL at the forefront of innovation and security.
Largest and longest insurance, exclusively composed of A-rated insurers commitment, ever secured by a single Digital Asset Custodian
Aligned with the SFC’s standards, this initiative strengthens the digital asset ecosystem, providing an additional layer of security and demonstrating OSL’s commitment to regulated product innovation and investor protection. Building on its strong track record with its insurance partners, the USD 1 billion placement is led by Canopius, a global specialty (re)insurer and leading Lloyd’s of London Syndicate.
Kevin Cui, CEO of OSL, said: “This record-shattering insurance coverage is bringing the digital asset industry’s standard to the next level. By securing this unprecedented level of protection, we are laying the foundation for growth, and not just future-proofing our platform for the next wave of digital asset innovation. This move underscores OSL’s position as the most trusted, secure, and forward-thinking player in the market.”
Nicholas Edwards, Head of Specie at Canopius, added: “The size of this placement and the length of the commitment is a testament to the insurance market’s view on the quality of the OSL custody solution. We are delighted to support OSL in their ongoing goal of setting the highest standards for regulated and insured safeguarding of digital assets.”
Jeff Hanson, Senior Vice President at Paragon International Insurance Brokers Ltd in London, said: “We have exhausted the international marketplace, bringing new insurance capacity into the sector, and are pleased to have reached this significant milestone for OSL, which is the first of its kind in the market. We value the collaboration with OSL which has helped us secure the maximum capacity available for a digital asset custodian.”
Dan Dibden, Co-Founder of Capstone Insurance Brokers Ltd based in Hong Kong, commented: “This is a very exciting moment for all involved. A significant amount of hard work over many years has gone into this placement and we are thrilled to have secured this programme for OSL.”
OSL’s insurance programme underscores its dedication to leading the regulated digital asset sector’s growth, particularly in facilitating the issuance of digital asset ETFs and more in Hong Kong.
