GK8 is first to provide institutions access to $1B insurance coverage

In light of recent market events, it is clearer than ever that financial institutions, especially those who are responsible for billions USD worth of clients’ assets, can no longer rely on third-party organizations for custody; Answering this demand for self-custody, GK8 introduces the highest levels of crypto insurance available in the market: GK8 customers can access up to $1B of insurance for assets stored in the Cold Vault & up to $125 million for assets stored in the MPC – the highest in the market!

Tel Aviv, Israel — GK8, the leading institutional-grade digital asset custody platform with DeFi, staking, NFT, trading, and tokenization support, partners with USI Insurance Services, a leading insurance brokerage and consulting firm, to offer an elite insurance plan for customers of GK8 to easily access up to $1 billion of dedicated insurance. Through this collaboration, GK8’s crypto custody solution offers access to the highest insurance coverage cap for digital assets, backing its institutional-grade security with the financial safeguard to match. The insurance coverage offers GK8’s customers access to up to $1B of insurance available for assets stored in the Cold Vault & up to $125 million for assets stored in the MPC. Both policies are significantly higher than any insurance policy for digital assets offered in the market today, minimizing risk drastically and thus being a gateway for self-custody for institutions.

Insurance offered by custody technology vendors has traditionally been relatively limited. In most cases, clients have access to pooled insurance (split among all customers) of $30-40 Million. The partnership with USI empowers GK8 clients to access the insurance policy, with dedicated coverage extending up to $1 billion per client. This unique offering denotes the highest limit of insurance available on the market today. Also available, is coverage of up to $125 million per client against risk of theft resulting from attacks on assets stored in the GK8 MPC vault. 

“This level of insurance coverage positions GK8 now, more than ever, to work with the largest banks and institutions in the crypto space, and will incentivize new institutional players to confidently step into the crypto space. The demand we’re seeing from institutions for digital-asset insurance is truly astonishing. Thanks to our unique level of security, GK8 customers can benefit from the highest level of insurance, which we have expanded even further,” says Lior Lamesh, GK8’s CEO and Co-Founder. “We’re proud to work with USI, one of the most reputable names in the insurance industry, to back our most secure custody solution with the insurance coverage to match it. Most importantly, as our customers continue to increase their holdings, we felt it was appropriate to take our coverage to the next level and lead the market in terms of highest insurance in the market overall.”  

GK8’s regulation-ready solution includes both a Cold Vault as well as an MPC Vault. The company’s unique Cold Vault is the only solution in the market that can create, sign, and send blockchain transactions without receiving digital input from the internet. This solution grants institutions an unparalleled level of security, leaving no openings for hackers to exploit. The Cold Vault is paired with a high-performance MPC wallet used for high-frequency automatic transactions, and the patented MPC is uniquely capable of executing thousands of signatures per second, providing a decentralized, keyless infrastructure.

GK8 also supports the secure tokenization of traditional assets, features general support of all Ethereum Virtual Machine-compatible layer-1 blockchains, and grants users instant access to all layer-2 smart contracts on supported chains. 

About USI:

USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms, and individuals. USI connects over 8,000 industry-leading professionals from approximately 200 offices to serve clients’ local, national, and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging USI One Advantage, an interactive platform that integrates proprietary and innovative clients, networked local resources, and enterprise-wide collaboration to deliver customized results with positive, bottom-line impact. USI attracts top talent with a long history of deep and continuing investment in our local communities. For more information, visit https://www.usi.com/