Standard Chartered and SBI invested in the crypto insurer Soter, with Series B financing of approximately 66 million USD

According to CoinDesk, SC Ventures, a subsidiary of Standard Chartered, has invested in the cryptocurrency insurer Soter Insure alongside Japan's SBI Group, joining a Series B funding round led by Galaxy. Based on the current prices of Bitcoin and Ethereum, the total amount raised in this round is approximately $66 million.

Reports indicate that Soter has secured around $23 million in funding, along with over 500 BTC and 2,000 ETH. Previous investors include Coinbase Ventures, Franklin Templeton, and Brevan Howard Digital.

Soter provides insurance for cryptocurrency asset losses due to hacking, theft, and software failures, offering policies that pay out in BTC or ETH. The company plans to use the investment to expand its underwriting capacity and grow its business in Asia, Europe, and the United States.