Standard Chartered and SBI Invest in Crypto Insurer Soter in Approximately $66 Million Series B Funding Round

on November 6, CoinDesk stated that Standard Chartered’s SC Ventures and Japan’s SBI Group have invested in crypto insurer Soter Insure, joining the Galaxy-led Series B financing round. Calculated at current prices for Bitcoin and Ethereum, the total amount of this financing round amounted to approximately $66 million.

The report indicates that Soter secured approximately $23 million in cash 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 crypto asset losses caused by hacking attacks, theft, and software failures, offering policies that pay out claims in BTC or ETH. The company plans to leverage the investment to expand its underwriting capacity and extend its operations across Asia, Europe, and the United States.