Florida-based Blockchain Deposit Insurance Consultant Group has taken a significant step toward expanding its presence in the cryptocurrency insurance sector with the launch of its international arm, Blockchain Deposit Insurance Corporation (BDIC). The newly established entity has chosen Bermuda as its headquarters, with plans to set up affiliate offices in Switzerland, Hong Kong, Greater China, Canada, and South America.
BDIC aims to strengthen the cryptocurrency insurance landscape by offering coverage for digital wallets holding select cryptocurrencies. The company is actively pursuing Lloyd’s of London coverholder status, which would grant it the ability to underwrite risks associated with digital assets.
“This will allow BDIC to develop robust insurance policies in collaboration with Lloyd’s syndicate members already servicing the industry,” the company stated, emphasizing its commitment to providing a reliable and structured framework for crypto insurance.
As part of its expansion, BDIC is preparing to introduce its executive team, key hires, and third-party advisors who will play a crucial role in the development of its decentralized application (DApp) and market entry strategy. The company has also highlighted its two-tier algorithmic approach to underwriting, a model designed to enhance risk assessment and coverage solutions.
Jeffrey Glusman, CEO of BDIC, expressed confidence in the growing intersection between traditional insurance and digital assets. “The traditional insurance industry is acknowledging the immense business opportunities in digital assets. Achieving Lloyd’s coverholder status will be a pivotal step in establishing a structured, reliable, and trusted insurance framework for the crypto market.”
He further reinforced BDIC’s mission to support financial security in the crypto sector as global adoption continues to accelerate. “We will apply for Lloyd’s Coverholder status and announce our syndicate partner in the near future.”
According to BDIC’s website, the company has approved a selection of wallets for its insurance coverage, including Ledger Nano X, Trezor Model T, Ledger Nano S Plus, SafePal S1, and KeepKey. Additionally, BDIC is considering extending coverage to browser-based wallets such as MetaMask, Phantom, and Trust Wallet. The insured digital assets currently include Bitcoin, Ethereum, and Solana.
With its strategic expansion and commitment to securing the cryptocurrency ecosystem, BDIC is positioning itself as a key player in the evolving landscape of digital asset insurance.