Soter products are designed to address the challenges of the digital asset space, with policy denominations available in US dollars, Bitcoin and Ethereum. Credit: PNT13Singha/Shutterstock.

Soter Insure, which offers insurance solutions that address the unique risks of the blockchain ecosystem, has gained full licensing approval from the Bermuda Monetary Authority (BMA).  

This follows initial approval from the BMA in September 2024. 

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The latest move allows the Bermuda-based operating company to offer insurance solutions customised to institutions within the Web3 ecosystem. 

Soter, incubated by Further Ventures and WebN Group, offers directors and officers (D&O) insurance, asset loss coverage, as well as smart contract insurance.  

These products are designed to address the challenges of the digital asset space, with policy denominations available in US dollars, bitcoin and Ethereum.  

The approach aims to resolve the “asset-liability mismatch” that is encountered when insuring digital assets. 

By indemnifying policyholders in the same currency as their insured assets, Soter ensures “seamless” coverage.  

Commenting on the development, Soter CEO Henson Orser said: “This licensing milestone underscores Soter Insure’s commitment to redefining insurance for the Web3 economy. Our innovative approach ensures digital asset institutions can operate with confidence, knowing they are protected by tailored insurance solutions that meet the unique needs of their businesses.” 

‍Soter Holdings chairman and Further Ventures managing partner Mohamed Hamdy stated: “Achieving full licensing from the BMA marks a pivotal moment for Soter Insure. It underscores our commitment to delivering innovative, compliant and effective insurance solutions for the rapidly evolving digital asset landscape.”