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Nick Cowan, CEO of Gibraltar Blockchain Exchange
The Gibraltar Blockchain Exchange (GBX) has announced an insurance coverage policy in conjunction with Callaghan Insurance to cover assets listed on the GBX Digital Asset Exchange (GBX-DAX), a secondary exchange for trading digital assets.
At the start of this year, Gibraltar was the first jurisdiction to introduce a regulatory framework built specifically for DLT, and this month the GBX obtained a full license to operate from Gibraltar Financial Services Commision (GFSC).
Nick Cowan, CEO of Gibraltar Blockchain Exchange, said: "We are delighted to announce the introduction of GBX-DAX insurance coverage, which is an important step to attract users who demand strict guarantees on the safety of their resources. This offer is only possible thanks to the trust deriving from the fact that GBX has always been committed to building a platform focused on the highest regulatory standards and on the most rigorous due diligence processes ".
The coverage ensures that the assets in custody of GBX can be insured, including both hot and cold wallets. This provides further reassurance to a wide variety of operators on security and transparency.
"I am pleased that Callaghan has been able to provide, after much research and collaboration with the London insurance market, a specific coverage option that is suitable for the purpose that offers our clients and the jurisdiction the protection necessary to advance with security in the DLT arena, "said Bruno Callaghan, CEO of Callaghan Insurance Brokers.
The Callaghan Insurance Group, in collaboration with its partners Paragon Insurance Brokers, has a proven track record of working to make Gibraltar known as a destination for companies wishing to benefit from world-class DLT (Distributed Ledger Technology) regulations, introduced in January 2018 Callaghan aims to ensure that adequate insurance coverage is available for blockchain-based innovative companies, playing a vital role in the area of jurisdictional services.
"The partnership with Callaghan Insurance highlights the ongoing efforts of companies and regulators in Gibraltar to provide a sustainable environment for the development of the blockchain.We are thrilled to highlight this tradition of collaborative development as Gibraltar consolidates itself as the home of 39, sustainable blockchain innovation ", concluded Cowan. For more information, visit https://exchange.gbx.gi/
