Standard Chartered, SBI Back Soter in $23.5M Round
Standard Chartered and SBI back crypto insurer Soter as funding reaches $23.5 million
Standard Chartered’s venture arm, SC Ventures, and Japan’s SBI Group have invested in cryptocurrency insurer Soter Insure, joining the company’s Series B second close as it expands coverage for digital-asset risks.
Soter said total backing now stands at $23.5 million in cash, plus more than 500 BTC and 2,000 ETH. Those crypto contributions are worth roughly $43 million at current prices, taking the Series B raise to about $66 million when valued in dollars. The company did not disclose how much each investor contributed, and the overall round size was not provided.
The Series B round has unfolded in stages. A first close announced in late July brought in new backers including Coinbase Ventures and Franklin Templeton, alongside follow-on investment from Brevan Howard Digital. Galaxy Digital led that close and also led Soter’s Series A. In the latest close, Token Bay Capital, a Series A investor, also participated.
Soter focuses on insurance products designed to cover losses tied to hacks, theft, and software failures—areas that remain persistent sources of risk even as institutional adoption of crypto grows. The company’s policies can be funded in bitcoin or ether, and claims are paid out in the same currency, aligning coverage with the assets being protected.
The investment highlights the role specialist insurers are trying to play in the maturing crypto market. As more capital moves into digital assets, firms involved in custody, trading, and asset management face increasing pressure to manage operational and technology-related risks with tools familiar to traditional finance.
- New investors: SC Ventures (Standard Chartered) and SBI Group
- Total backing disclosed: $23.5 million cash, plus 500+ BTC and 2,000 ETH
- What Soter covers: Crypto losses linked to hacks, theft, and software failures
