Metaco and London's Aon launch insurable crypto storage technology for banks

METACO, the Lausanne based startup made its breakthrough in 2018 with the launch of SILO, the crypto asset storage solution for banks. SILO is a fully integrated hot-to-cold crypto asset storage technology designed for banks looking to self-custody. Through a tight interaction of software and hardware, SILO delivers all the elements required by a crypto asset custodian: a certified, hardware-secure key management toolbox, a powerful wallet management engine with flexible governance policies and a scalable order management services with dynamic loss limitation rules. The reliability, security and performance of SILO offer the highest standards of trust to the bank operating crypto asset services, making SILO the first technology solution to achieve this distinction.

Partnership with major international corporation
Metaco has entered a partnership with London's Aon, a global professional services firm providing a broad range of risk, retirement and health solutions with a revenue of over $10 billion in 2018. As part of their arrangement, Aon has organized a panel of London insurers that will offer a crime insurance product to clients that are using SILO.  METACO's existing clients comprising of global infrastructure providers and banks such as Avaloq, Swisscom, Deutsche Börse, Gazprombank and Sygnum will also benefit from the new insurance.

The implications of the new crime insurance product for SILO and for the rapidly increasing number of financial institutions looking at crypto asset self-custody are significant. This new arrangement with Aon implies a simplification of the underwriting process for both insurers and METACO's clients, as the insurer’s technical requirements are largely met out-of-the-box.

With SILO offered as an integrated on-premise solution as well as through its banking infrastructure providers, the value of a facilitated insurance product may prove decisive for banks evaluating storage solutions and should stimulate the pace at which the banking industry embraces crypto assets.

Furthermore, according to METACO, the option for an insurable crypto asset storage solution will stimulate the pace at which the banking industry embraces crypto assets.

Jeff Hanson, a Director within Aon’s UK Financial Services Team said “Aon is pleased to have pioneered the formation of an insurance solution covering theft of crypto assets for the benefit of METACO’s customers while utilising the SILO platform. The METACO team worked in conjunction with Aon to highlight to insurers the robust nature of the SILO system, which resulted in a bespoke insurance product being granted by a panel of London insurers.”

(Press release)