Soter Insure Announces First Close of Series B to Expand Digital Asset Insurance

UAE-based digital asset insurance startup Soter Insure has announced the first close of its Series B funding round, led by Galaxy Digital, with new strategic investors including Coinbase Ventures and Franklin Templeton, alongside participation from Brevan Howard Digital and existing shareholders.

While the company did not disclose the amount raised in the initial close, it confirmed that a second closing is expected within the coming weeks. Once completed, the Series B round is expected to reach approximately $23.5 million, in addition to commitments exceeding 500 Bitcoin and 2,000 Ether.

Founded in 2024 with backing from Further Ventures and WebN Group, Soter Insure develops specialized insurance products for the digital asset and cryptocurrency sector, addressing the evolving risk landscape of blockchain-based financial services.

The company's portfolio includes Directors & Officers (D&O) liability insurance, professional indemnity coverage, crime insurance, as well as protection against smart contract failures, cryptocurrency theft, and phishing attacks.

Soter Insure aims to tackle one of the industry's biggest challenges—the limited availability of insurance products specifically designed for digital assets—by providing tailored coverage that meets the needs of institutional market participants.

According to the company, the shortage of specialized insurance solutions has remained a major barrier preventing financial institutions from expanding into digital assets and decentralized finance (DeFi). By offering insurance products designed around the unique risks associated with blockchain technologies and cryptocurrencies, Soter Insure seeks to strengthen institutional confidence and support the continued growth of the digital asset ecosystem.