Crypto insurance start-up BDIC targets Lloyd’s coverholder status

(The Insurer) - A new digital insurance start-up called Blockchain Deposit Insurance Corporation (BDIC) has opened in Bermuda and aims to secure Lloyd’s coverholder status, allowing it to underwrite cryptocurrency-related risks.In a statement announcing the launch, BDIC said it “aims to revolutionise cryptocurrency insurance by providing digital wallet insurance for preferred cryptocurrencies, ensuring security and trust in everyday financial transactions”.BDIC is the international entity of Palm Beach, Florida-based Blockchain Deposit Insurance Consultant Group.The newly launched insurance operation said over the coming months it “will pursue Lloyd’s of London coverholder status”.That designation, BDIC said, will allow it to develop robust insurance policies in collaboration with Lloyd’s syndicate members already servicing the industry.BDIC is led by Jeffrey Glusman who has spent over 30 years in the finance and commercial real estate development sectors. His career also includes time as a registered investment advisor working with high-net-worth private clients and corporations.He has worked for companies including Merrill Lynch, GenSpring and Esoteric LLC, among others.“The traditional insurance industry is acknowledging the immense business opportunities in digital assets,” said Glusman.“Achieving Lloyd’s coverholder status will be a pivotal step in establishing a structured, reliable, and trusted insurance framework for the crypto market.“BDIC is committed to ensuring financial security as global adoption of digital currencies accelerates,” he added.In a statement, Glusman said BDIC will soon apply for Lloyd’s coverholder status and announce its syndicate partner “in the near future”.The executive also revealed that BDIC will shortly announce its executive team and other key hires, along with third-party advisors focused on the technical development of BDIC’s decentralised application, go-to-market strategy, and building a community-driven ecosystem.“This project will be part of our legacy,” Glusman said of BDIC’s soon-to-be-announced leadership team.“By securing digital wallets, we provide the missing mental component for crypto adoption: safety. Trust and confidence in security are essential for cryptocurrency’s integration into daily life, and our team is ready to play a crucial role,” Glusman added.Alongside its headquarters in Bermuda, BDIC is looking to set up offices in Switzerland, Hong Kong/Greater China, Canada, and South America.