Aon, one of the world’s leading insurance brokers, set a team up with Metaco, a digital asset custody technology firm based in Switzerland. Under the said partnership, Aon will offer crime insurance coverage via SILO – METACO’s integrated hot-to-cold wallet management solution. The insurance coverage will help protect clients from losses caused by natural disasters to third-party hacks.
According to the press release posted by Metaco, the partnership follows a thorough evaluation of SILO’s security model, which expertly blends “purpose-built, tamper-proof hardware and software security, and makes METACO’s solution the world’s first self-custody technology platform to achieve this distinction.”
“It is unique for a technology company, such as ourselves instead of the end client, to work with Aon to bring this to market. Insurance is an essential requirement for banking clients and METACO is excited to be able to facilitate insurance for our clients through the leading broker for crypto insurance solutions,” explained Adrien Treccani, CEO and Founder of METACO.
The partnership marks Aon’s latest connection with a crypto custody player. This follows the company’s previous tie-ups with the San Francisco-based Anchorage and Vo1t, which employs former staffers of the U.K. Ministry of Defence.
“Anyone who is speaking with institutions on the custody side or even from a trading perspective often finds themselves in the middle of a vendor management process that those firms put everybody through, and with that comes insurance requirements,” said Jacqueline Quintal, the financial institution’s practice leader at Aon Risk Solutions.
Established in Lausanne, Switzerland in 2015 by Swisspost, Swisscom, SICPA and Avaloq, Metaco focuses on providing custody tools to crypto-curious institutions.
“We wanted to provide a framework under which any of the custodians relying on SILO would be almost able to get an insurance cover out of the box, at least to have all of the green lights for the technology components of the insured,” CEO Treccani added.
