The Gibraltar Blockchain Exchange (GBX) has finalised an insurance policy with Gibraltar-based Callaghan Insurance. This insurance coverage will encompass assets listed on the GBX Digital Asset Exchange (GBX-DAX) covering both hot and cold wallet storages which will be utilised by the GBX. The new insurance policy represents a significant step forward for the GBX. As a world-leading and institutional-grade exchange, the GBX aims to ensure the highest standards of protection and cover for its users.
GBX: Regulated, Secure and Covered
The Gibraltar Financial Services Commission (GFSC) recently granted the GBX full regulatory approval under the DLT regulatory framework and legislation. Built on the best practices of the Gibraltar Stock Exchange (GSX), the GBX has established the highest industry standards as an institutional-grade exchange and is committed to providing an unparalleled user experience, where users are able to trade within a trusted and secure environment, safe in the knowledge their assets are covered.
Nick Cowan, CEO of GBX, commented on the announcement, stating:
“We are delighted to announce the introduction of insurance coverage for the GBX-DAX. This represents an important step in attracting users who require strict assurances around the security of their assets. This offering is only possible because of the confidence derived from the fact that the GBX has always been committed to build a platform focused on the highest regulatory standards and the strictest due diligence processes.”
About the Insurance Coverage
The policy makes sure assets in the custody of the GBX are insured, including both hot and cold wallets. Additionally, the new insurance coverage from Callaghan Insurance covers all forms of professional indemnity. The policy solidifies the confidence and reassurance for all users, demonstrating the GBX’s commitment to its institutional-grade designation.
Bruno Callaghan, Managing Director of Callaghan Insurance Brokers, commented on the new insurance coverage, saying:
“I am delighted that Callaghan has been able to procure, after much research and collaboration with the London insurance market, a bespoke, fit-for-purpose coverage option that affords our clients and the jurisdiction the necessary protection to move forward confidently in the DLT arena.”
About Callaghan Insurance
Callaghan Insurance Brokers is an independent company, based in Gibraltar. Offering clients global expertise, Callaghan Insurance helps to create carefully customised solutions for any insurance requirements. Regulated by the GFSC, and fully compliant with the requirements laid out by the 1989 Financial Services Ordinance, Callaghan Insurance was keen to help provide this new policy for the GBX.
“Partnering with Callaghan Insurance highlights the relentless efforts being made by businesses and regulators in Gibraltar to provide a sustainable environment for blockchain development. Earlier this year, Gibraltar became the first jurisdiction to introduce a purpose built DLT regulatory framework, and this month the GBX was granted a full licence to operate by the Gibraltar Financial Services Commision (GFSC). We are excited to underline this tradition of collaborative development as Gibraltar consolidates itself as the home of sustainable blockchain innovation,” concluded Nick Cowan, CEO of GBX.