Standard Chartered and SBI Invest in Crypto Insurer Soter in Series B Round of About $66 Million

TechFlow reported on November 6, citing CoinDesk, that Standard Chartered's SC Ventures and Japan's SBI Group invested in crypto insurer Soter Insure, joining the Galaxy-led Series B round. Based on current Bitcoin and Ethereum prices, the round raised approximately $66 million in total.

According to the report, Soter received about $23 million in funding, along with more than 500 BTC and 2,000 ETH. Previous investors include Coinbase Ventures, Franklin Templeton, and Brevan Howard Digital.

Soter provides insurance for crypto asset losses caused by hacks, theft, and software failures, and offers policies with claims paid in BTC or ETH. The company plans to use the investment to expand underwriting capacity and grow its business in Asia, Europe, and the United States.

Source: TechFlow