Crypto Firm to Secure Insurance Thru Lloyd's of London

Lloyd's of London is one of the world's oldest insurence institutions
29 August 2018   843

The cryptocurrency assets management company Kingdom Trust has insured its reserves against theft or loss as a result of natural disasters. The insurer is one of the most famous and oldest insurance institutions in the world Lloyd's of London, Reuters report.

From the very beginning we saw insurance as a key factor to bring institutional investors into the marketplace.
 

Matt Jennings

CEO, Kingdom Trust

The company offers custody services for more than 30 crypto-currencies, including Bitcoin, Ethereum, Litecoin, Ripple and ZCash. The total amount of assets under the control of the Kingdom Trust exceeds $ 12 billion.

In addition, customers have a safe cold storage for crypto assets.

The insurance market of Lloyd's of London has been operating since 1686 and is the largest player in this segment of the market. From the comments on the Kingdom Trust insurance, the representatives of the British company abstained.

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.