21M Insurance has partnered with Cobo to introduce institutional-grade MPC custody to ensure the security and compliance

With the approval of the Bitcoin ETF in January 2024, marking the most successful product launch in history, institutional demand for Bitcoin asset allocation surged. However, the traditional insurance industry has been unable to access this area due to regulatory capital requirements, balance sheet constraints, and limitations in its technological systems. Against this backdrop, 21M, with asset security as its core principle, has partnered with Cobo to pioneer the provision of blockchain-native compliance infrastructure and operational paradigms for the trillion-dollar insurance market.

This collaboration will initially cover asset custody for 21M’s Bitcoin-denominated whole life insurance products. As business develops, it will gradually expand to scenarios such as policy tokenization asset management and fund custody for lending protocols. Cobo’s institutional-grade MPC wallet custody technology will provide 21M with multi-layered security protection, flexible access control, and traceable asset records, effectively mitigating operational risks from single points of failure. This ensures that policyholders’ Bitcoin assets receive the highest level of protection while meeting compliance and auditing requirements in major global jurisdictions, providing policyholders with a safe, transparent, and efficient operating environment.

Richard, CBO of 21M, stated:

“As one of the world’s first crypto-native insurance institutions, partnering with Cobo, a top-tier custody service provider with a zero-accident record, is the cornerstone of ensuring the safety of insurance policyholders’ assets. Traditional insurance companies are unable to enter the Bitcoin insurance field due to technical and regulatory limitations, which creates a unique structural moat for 21M. Through in-depth cooperation with Cobo, we will build a secure, transparent, and efficient blockchain-native insurance ecosystem, allowing insurance to truly grow with the adoption of Bitcoin. This is not only product innovation, but also a paradigm shift in the infrastructure of the insurance industry.”

Cobo SVP Alex Zuo stated:

“In the innovative field of digital asset insurance, institutions need more than just technology; they need a reliable, secure, and forward-looking infrastructure. Cobo will provide a solid foundation for 21M’s Bitcoin life insurance business to achieve robust growth and operational excellence, helping it usher in a crypto-native era for the insurance industry.”

With the support of Cobo’s custody and wallet services, 21M will be able to more robustly expand its global insurance business and further solidify its first-mover advantage in the digital asset insurance sector. Cobo will also continue to dedicate itself to providing secure, flexible, and high-performance digital asset custody and wallet solutions to institutional clients worldwide, jointly driving innovation and development in the insurance and digital asset industry infrastructure.

Regarding 21M Insurance

21M Insurance is a leading global crypto-native insurance provider, backed by investment from top Asian family offices. It is committed to providing innovative insurance products denominated in cryptocurrencies to users worldwide. Leveraging its self-developed intelligent underwriting and risk control engine, the company is building a new generation of insurance infrastructure covering whole life insurance, asset protection, and wealth management for digital asset holders, tapping into the trillion-dollar digital asset insurance market.

About Cobo

Cobo is a leader in digital asset custody and wallet technology, providing a one-stop wallet technology platform that enables institutions and developers to easily build, automate, and securely scale their digital asset businesses.

Founded in 2017 and headquartered in Singapore, Cobo is a blockchain pioneer trusted by over 500 leading digital asset companies worldwide, managing billions of dollars in assets. Cobo offers the industry’s only platform integrating four different digital asset wallet technologies—custody wallets, MPC wallets, smart contract wallets, and exchange wallets. Committed to the highest security standards and regulatory compliance, Cobo maintains a zero-incident record and has obtained ISO 27001, SOC2 (Class 1 and Class 2) certifications, as well as licenses in multiple jurisdictions. Thanks to its industry-leading innovation, Cobo has gained recognition from authoritative organizations such as Hedgeweek and Global Custodian.

This article is sourced from the internet: 21M Insurance has partnered with Cobo to introduce institutional-grade MPC custody to ensure the security and compliance of its Bitcoin life insurance.Recommended Articles