Blockchain Deposit Insurance Consultant Group LLC has announced the launch of Blockchain Deposit Insurance Corp. (BDIC), an international cryptocurrency insurance unit. The new entity will offer digital wallet insurance for select cryptocurrencies and establish its headquarters in Bermuda, with affiliate offices in Switzerland, Hong Kong/Greater China, Canada, and South America.
BDIC intends to apply for Lloyd’s coverholder status in the coming months, which could enable the company to develop insurance policies alongside Lloyd’s syndicate members. The company believes achieving this status will help establish a structured insurance framework for the cryptocurrency sector.
Jeffrey Glusman, BDIC’s chief executive officer, stated that the company aims to foster financial security as digital currency adoption expands. “Achieving Lloyd’s coverholder status will be a pivotal step in establishing a structured, reliable, and trusted insurance framework for the crypto market. BDIC is committed to ensuring financial security as global adoption of digital currencies accelerates. We will apply for Lloyd’s Coverholder status and announce our syndicate partner in the near future,” Glusman said.
In addition to pursuing regulatory and industry approvals, BDIC will introduce its executive team, key hires, and third-party advisors specializing in the technical development of its decentralized application, go-to-market strategy, and ecosystem growth. Glusman added, “This project will be part of our legacy. By securing digital wallets, we provide the missing mental component for crypto adoption: safety. Trust and confidence in security are essential for cryptocurrency’s integration into daily life, and our team is ready to play a crucial role.”
The announcement follows Lloyd’s approval of AnchorWatch, a managing general agent and Bitcoin custody specialist, as a coverholder in 2024, according to an AM Best report. AnchorWatch began offering policies in December, allowing customers to insure up to $100 million in Bitcoin without relinquishing private access keys, according to Becca Rubenfeld, the company’s chief operating officer and co-founder.
