Innovative crypto wallet insurance coverage for crypto custodian Tangany
Tim SchusterMarketing Manager, Tangany
Munich, April 26, 2023 - Tangany, a custodian of digital assets regulated by the German Federal Financial Supervisory Authority (BaFin), will provide its customers additional insurance protection against theft of assets from their wallets. This innovative coverage concept was developed for Tangany in collaboration between Munich Re, a leading global provider of reinsurance, primary insurance and insurance-related risk solutions, and Marsh, the world's leading insurance broker and risk advisor. The risk carrier is Great Lakes SE, a subsidiary of Munich Re.
The safekeeping of digital assets such as cryptocurrencies, crypto securities, security tokens and non-fungible tokens (NFTs) is essential for both private and institutional investors. With the adoption of the EU Markets in Crypto Assets (MiCA) regulation from 20th of April 2023, the crypto market will be comprehensively regulated, which may further increase the demand for professional custody solutions and adequate insurance concepts.
We are very pleased to be working closely with Marsh and Munich Re to provide our clients with another important element of security in the custody of their digital assets. This also sets a positive signal for the high-quality standards in the regulated market here.
With innovative coverages such as the concept now provided by Marsh, we help clients meet the changing demands in a regulated market and operate successfully. In particular, the solution developed with Munich Re will help build confidence for the further establishment of the sector.
The demand for secure custody solutions for digital assets will increase. In this respect, specialized and licensed solution providers in reliable jurisdictions play a prominent role. The insurance solution developed with Tangany and Marsh makes an important contribution to strengthening this value proposition and the necessary client trust.
Tangany, founded in 2019, is a regulated German financial institution offering a market-leading B2B digital asset custody solution on blockchain protocols. With the Tangany Suite, corporate customers can hold digital assets such as cryptocurrencies (Bitcoin, Ether, Stablecoins, etc.), crypto securities, security tokens, and NFTs in individual or collective wallets and also direct their investment offers to end customers. The institution has been licensed as a crypto custodian since 2021 in accordance with Section 1 (1a) Sentence 2 No. 6 of the German Banking Act (KWG). Tangany regularly receives awards for its innovative infrastructure solution, including the Fintech Germany Award 2020 as well as 2021. Visit tangany.com for more information.
Tangany Contact: Tim Schuster
Marsh is the world’s leading insurance broker and risk advisor. With over 45,000 colleagues operating in 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit marshmclennan.com, and follow us on LinkedIn and Twitter.
Marsh Contact: Miriam Hahn
Munich Re is a leading global provider of reinsurance, primary insurance and insurance-related risk solutions. The Group consists of the reinsurance and ERGO divisions and the asset manager MEAG. Munich Re is active worldwide and in all lines of insurance. Since its foundation in1880 , Munich Re has distinguished itself by its unique risk know-how and special financial solidity. It offers its clients financial protection even in the event of exceptionally high losses - from the 1906 earthquake in San Francisco to Hurricane Ian in 2022. Munich Re has outstanding innovative strength and is thus able to cover even exceptional risks such as rocket launches, renewable energies or cyber risks. Munich Re is playing a leading role in driving forward the digital transformation within its industry, thereby expanding its risk analysis capabilities and range of services. Individual solutions and close proximity to its clients make Munich Re a risk partner in demand worldwide for companies, institutions and private individuals.
Munich Re Contact: Dirk Schäfer
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