Matrixport Signs $50M Insurance Policy With Lloyd’s Syndicate

Matrixport has tapped a syndicate of insurance giant Lloyd’s for its $50 million insurance policy, aimed to reassure institutional clients

article-image

Cynthia Wu, founding partner at Matrixport

share

key takeaways

  • The insurance policy was taken up with a syndicate from the world’s oldest underwriter, Lloyd’s of London
  • Matrixport hopes it will bolster its suite of custody offerings throughout frosty market conditions

Financial services firm Matrixport has secured critical insurance coverage as the crypto industry continues navigating liquidity crises that brought down some major players.

Matrixport said Sunday it locked in $50 million from Canopius, one of the largest syndicates operating under insurance giant Lloyd’s, with more than $2.2 billion in premiums.

Lloyd’s is the world’s oldest insurance underwriter with roots stemming as far back as 1688. The group has been involved in crypto insurance since at least 2020. 

The corporate body has launched multiple insurance policies directed at the digital asset industry covering both online and offline storage solutions.

Matrixport is led by crypto billionaire Jihan Wu, co-founder of Bitmain Technologies, the largest manufacturer of bitcoin mining rigs. Wu left the firm last year to run spinoff Bitdeer and Matrixport after a lengthy leadership dispute.

Several assets held in cold storage by Matrixport’s institutional custodian, Cactus Custody, will be protected including bitcoin, bitcoin cash, ecash, litecoin and ether, according to a statement.

Attempting to widen its revenue streams outside retail investment, Cactus Custody integrated with MetaMask Institutional at the beginning of the year via a new feature that supports multichain compatibility.

Matrixport’s fresh insurance coverage serves as a bid to attract future growth, despite a slump in both retail and institutional interest.

“The insurance coverage enhances our custody offerings and empowers clients to leverage our ecosystem in a meaningful way, especially for institutional clients where insurance coverage is a  compulsory requirement,” Matrixport’s COO Cynthia Wu said in the statement.

Matrixport has kept a keen focus on its operations despite frosty market conditions and a liquidity crunch that crippled numerous crypto firms earlier this year, including Celsius and Voyager.

The firm snapped up Anthony DeMartino, head of risk strategies, institutional decentralized finance and derivatives trading at Coinbase in June where his prized Wall Street contacts formed part of Matrixport’s hiring decision.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Maple Finance has successfully navigated significant market challenges through its strategic pivot to secured lending (Maple v2) and the launch of its Syrup product. Syrup has become a primary growth driver, delivering sustainable, outperforming stablecoin yields and rapidly increasing TVL. The upcoming custody-first Bitcoin staking product (istBTC) presents another significant avenue for expansion. Crucially, Maple has achieved operational profitability, a key inflection point that, combined with a fully vested token and active buyback mechanism, strengthens its investment case. While valuation metrics suggest potential undervaluation relative to peers and growth, the primary forward-looking risk identified is the long-term sustainability of its current high-take-rate collateral staking revenue model.

article-image

LBTC and sBTC integrations unlock new DeFi yields for BTC holders

article-image

The Breakdown becomes your central hub for insightful, daily crypto macro analysis

article-image

What was a cool $500,000 would now be worth more than $7 million

article-image

Mersinger’s final day at the CFTC will be May 30

article-image

Squads CEO Stepan Simkin explained why the firm launched Altitude and how he’s thinking about stablecoins

article-image

Sponsored

Instead of endless wallet popups, users could connect once, set clear rules, and delegate permission to an app or to an AI agent.