The Gibraltar Blockchain Exchange (GBX), in partnership with Gibraltar-based firm Callaghan Insurance, has announced an insurance policy to cover assets listed on the GBX Digital Asset Exchange (GBX-DAX).
GBX, a subsidiary of the Gibraltar Stock Exchange (GSX), is a institutional-grade token sale platform and digital asset exchange. In July of this year, GBX launched its GBX-DAX exchange with USD onboarding available for bitcoin, ethereum and GBX’s native token RKT, which is the primary medium of exchange for trades on the exchange. Last month GBX received full regulatory approval from the Gibraltar Financial Services Commission (GFSC) under the DLT regulatory framework and legislation.
The new insurance policy makes sure all assets in the custody of the GBX are fully insured, including both hot and cold wallets. Additionally, the new insurance coverage from Callaghan Insurance covers all forms of professional indemnity. The objective of the new policy is to ensure the highest standards of protection and cover for GBX users.
The company said the new policy will solidify the confidence and reassurance for all users, and demonstrates GBX’s commitment to its institutional-grade designation.
“This represents an important step in attracting users who require strict assurances around the security of their assets,” said Nick Cowan, CEO of GBX. “This offering is only possible because of the confidence derived from the fact that the GBX has always been committed to build a platform focused on the highest regulatory standards and the strictest due diligence processes.”
Callaghan Insurance offers clients global expertise and helps to create carefully customized solutions for any insurance requirements. The insurance company is regulated by the GFSC and is fully compliant with the requirements laid out by the 1989 Financial Services Ordinance.
“Partnering with Callaghan Insurance highlights the relentless efforts being made by businesses and regulators in Gibraltar to provide a sustainable environment for blockchain development,” Cowan said. “We are excited to underline this tradition of collaborative development as Gibraltar consolidates itself as the home of sustainable blockchain innovation.”
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