Walkers is pleased to have acted as Bermuda counsel to Gemini Trust Company ("Gemini"), a cryptocurrency exchange and custodian, on the launch of its captive insurance company, Nakamoto, Ltd - the world’s first captive to insure crypto custody.
Walkers advised Gemini on the formation, structuring and incorporation of Nakamoto, while liaising with the Bermuda Monetary Authority (as regulatory authority) and Aon (as insurance manager). This insurance solution gives Gemini US$200 million in insurance coverage — the largest limit of insurance coverage purchased by any crypto custodian in the world.
In addition to the coverage provided by its custody insurance solution, Gemini customers can now purchase additional insurance for their segregated crypto assets to provide even greater coverage.
Walkers' team was led by Bermuda partners Sarah Demerling Natalie Neto and Peter Dunlop with assistance from senior associate Rachel Nightingale.