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According to the institutional cryptocurrency storage platform Kingdom Trust, the company is now insured by the world’s largest insurance marketplace, Lloyd’s of London. The Kentucky-based alternative asset custody service, Kingdom Trust, claims to hold assets worth $ 12B that consist of 30 digital currencies under its wing.
Also Read: Crypto-Backed Lending Platform Blockfi Approved to Operate in California
Ever since banks and other financial institutions around the world have started to show an interest in blockchain technology, the Bitcoin community has been speculating on what projects might entail from this interest. In the case of Lloyd’s, one of London Market’s key players, there seems to be a keen interest in using blockchain technology to revolutionize insurance markets as we know them.
The financial sector has seen little to no innovation over the past fifty years, and the lack of thinking ahead is clearly showing as of late. In fact, hardly anyone can make sense of the financial system we use today, not even the people who are actively working in the sector on a daily basis.
