Standard Chartered’s venture division alongside Japan’s SBI Group have contributed funds to crypto insurance provider Soter Insure, adding to a capital-raising effort that brings the enterprise’s total backing to $23 million alongside over 500 BTC (valued at $38.4 million) and 2,000 ETH (valued at $4.5 million).
This financial injection lifts Soter’s Series B financing round to approximately $66 million when calculated using current market valuations for bitcoin and ether.
SC Ventures and SBI participated in this Galaxy-led round, whose previous backers featured Coinbase Ventures, Franklin Templeton, and Brevan Howard Digital, according to Soter’s announcement on Thursday.
This capital arrives as financial institutions and asset managers increasingly adopt digital assets while grappling with the hazard of losing millions to hacks, security breaches, and software errors. Soter provides policies protecting against these prospective losses, including coverage that disburses claims directly in bitcoin or ether instead of fiat dollars.
“Any BTC or ETH we have secured throughout this process has been allocated to back insurance programs denominated in that exact native cryptocurrency rather than serving as working capital within our main operating reserve,” Soter founder and CEO Henson Orser stated to CoinDesk.
Orser explained that the organization possesses the capacity to independently cover losses up to $5 million, 200 BTC, or 2,000 ETH using its internal reserves. For larger policies, the firm collaborates with external reinsurers to distribute the liability. He mentioned that those assets are kept in isolated accounts maintained in cold storage by regulated custodians.
Headquartered in Abu Dhabi, Soter functions under a Bermuda insurance authorization that permits it to underwrite risks spanning both digital assets and traditional fiat currencies. Its bitcoin and ether coverage initiatives are maintained using the identical tokens utilized for claim payouts.
Soter also obtained complete regulatory authorization from Dubai’s financial oversight body, expanding upon its licensed framework in Bermuda. The enterprise, based in Abu Dhabi, maintains operational facilities in London, New York, and Dubai.
This funding arrives on the heels of Binance’s $6.3 billion security breach on October 29 alongside a reported $133 million digital asset theft linked to French financial institution Crédit Mutuel Arkéa.
“We have observed a mild tightening in the crime insurance sector following recent events, though the market continues to mature,” Orser noted, commenting on increasing policy pricing for theft-related damages.
The risk provider additionally noted that the broader sector has yet to determine how insurance frameworks should address liabilities stemming from autonomous AI agents capable of performing transactions independently for clients.
“Errant autonomous agents represent a major talking point currently,” Orser mentioned in the statement, noting that underwriters are still evaluating whether such scenarios ought to qualify for coverage or be categorized as user error.
“Financial institutions cannot scale their digital asset operations without the risk mitigation safeguards they depend on across every other sector, and presently that coverage remains limited.”
Soter intends to direct the capital injection toward boosting its underwriting capacity while scaling its footprint throughout Asia, Europe, and the United States.
Originally published at https://www.coindesk.com/business/2026/11/05/soter-raises-usd23-5m-plus-btc-and-eth-as-banks-demand-theft-protection.
