Crypto Insurer Soter Raises About $66 Million as Standard Chartered and SBI Join Its Funding Round

Soter Insure, a company that sells cover against hacks, theft and software failures in digital assets, has added two big names to its latest raise. The venture arm of Standard Chartered and Japan’s SBI Group have joined a round led by Galaxy, lifting the Series B to roughly $66 million when bitcoin and ether holdings are counted at current prices.

What Makes Up the Soter Funding Round

The total combines $23 million in cash with more than 500 BTC, about $38.4 million, and 2,000 ETH, about $4.5 million. Earlier backers include Coinbase Ventures, Franklin Templeton and Brevan Howard Digital. Founder Henson Orser says the coins are not working capital. They stand behind insurance programs paid out in the same currency.

How the Insurance Model Works

Soter can cover losses up to $5 million, 200 BTC or 2,000 ETH from its own assets and shares larger risks with partner insurers. Reserves sit in separate accounts in cold storage at regulated custodians. The Abu Dhabi company holds a Bermuda license, has approval from Dubai’s financial regulator and keeps offices in London, New York and Dubai.

Why Demand for Crypto Insurance Is Rising

The deal arrives after Binance’s $6.3 billion hack on Oct. 29 and the reported $133 million theft tied to Crédit Mutuel Arkéa. Orser noted a slight hardening in pricing for crime cover. He also said insurers have not decided whether losses caused by autonomous AI agents count as covered events or operator error. Soter will use the money to raise its capacity and expand across Asia, Europe and the US.