BDIC seeks Lloyd’s of London cover-holder status. Credit: alfernec/Shutterstock.

Florida, US-based Blockchain Deposit Insurance Consultant Group has launched its international entity, Blockchain Deposit Insurance Corporation (BDIC), a crypto insurance provider. 

BDIC is setting up its headquarters in Bermuda, with affiliate offices planned across Switzerland, Hong Kong/Greater China, Canada and South America. 

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The company aims to enhance cryptocurrency insurance by offering digital wallet coverage for selected cryptocurrencies. 

It seeks Lloyd’s of London coverholder status, which would empower it to underwrite risks linked to cryptocurrency. 

“This will allow BDIC to develop robust insurance policies in collaboration with Lloyd’s syndicate members already servicing the industry,” stated the company. 

BDIC is also preparing to announce its executive team, key hires and third-party advisors who will contribute to the technical development of BDIC’s decentralised application (DApp) and its market entry strategy. 

The company has highlighted its two-tier algorithmic approach to underwriting.  

BDIC CEO Jeffrey Glusman said: “The traditional insurance industry is acknowledging the immense business opportunities in digital assets. Achieving Lloyd’s cover-holder 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. We will apply for Lloyd’s Coverholder status and announce our syndicate partner in the near future.” 

According to its website, BDIC has approved list of wallets for its coverage, including Ledger Nano X, Trezor Model T, Ledger Nano S Plus, SafePal S1 and KeepKey, with considerations under way for adding MetaMask, Phantom, Trust Wallet and other browser-based wallets. 

The digital currencies include Bitcoin, Ethereum and Solana.