BC Group unveils Asia’s first insured custody offering for digital assets,adding more dimensions of security to digital currency exchanges
BC Group
82days ago


It is reported that Hong Kong 1 April 2019 BC Group( a Hong Kong-listed company and owner of ANXONE and OSL), today announces Asia’s first insured custody service for digital assets. This service further paves the way for professional traders and institutions to store digital assets safely with military grade security protocols.

Hugh Madden, Chief Technology Officer of BC Group, commented that BC Group’s custody service removes one of the key barriers that has to date prevented professional traders and institutions from adding digital assets to their portfolios. These traders can only transact on exchanges that align with strict regulatory and fiduciary guidelines and meet high compliance and security standards. Insured custody is a vital component in meeting these standards.

Among the features of BC Group’s insured custody offering is crime insurance protection, delivered through Aon, a leading provider of risk solutions.  The policy is placed with various London-based insurers and covers loss, damage, destruction or theft of digital assets.  In addition to providing cover for digital assets in cold storage, the policy protects digital assets stored in hot wallets.

Madden added that for professional traders on ANXONE’s exchange platform, they can trade with confidence as their digital assets are held in a military-grade security facility with operational and control processes that are audited and adhere to stringent compliance checks and have the option of the insured safe-keeping of their digital assets. Madden said that For institutions who are interested in a robust, secure and audited capability for the safekeeping of digital assets, ANXONE solutions provide insured custody as a standalone offering that is compliant with AML/KYC standards and control protocols to facilitate trading in the token economy.

For institutional investors trading with OSL, Asia’s leading digital asset brokerage, they can access deep liquidity for large block trades with the option of the insured safe-keeping of their digital assets providing peace of mind. In addition to comprehensive insurance on digital assets, BC Group continues to set industry benchmarks for security. Madden explained that BC Group route all incoming digital asset transfers directly to cold storage and advocate this as the industry standard.

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