Standard Chartered and SBI Back Crypto Insurer Soter as Funding Hits $23.5M
Soter, a crypto insurance provider, has raised $23.5 million in funding from investors including Standard Chartered and SBI. Additionally, the company received 500 BTC and 2,000 ETH, worth approximately $43 million at current prices, bringing the total backing to over $66 million.
Soter, a cryptocurrency insurance provider, has secured $23.5 million in funding from a group of investors including banking giants Standard Chartered and SBI. The company also received 500 BTC and 2,000 ETH, which are worth approximately $43 million at current prices, according to CoinDesk.
The investment comes as demand for insurance products in the crypto sector grows, with institutional players seeking to mitigate risks associated with digital assets. Standard Chartered and SBI’s backing signals increasing traditional financial interest in crypto infrastructure. The combined funding and crypto contributions total over $66 million, though the exact valuation and terms were not disclosed.
The move could bolster confidence in crypto insurance and attract further institutional capital. It also highlights the evolving role of banks in the digital asset ecosystem, as they explore services beyond custody and trading. Neither Standard Chartered nor SBI commented immediately on the investment.
Jaison M K is the Founder and Senior Tech Analyst at Incisor News. With an extensive background in digital media architecture, cloud computing, and semiconductor supply chains, he oversees editorial standards and directs technical reporting on sovereign silicon, artificial intelligence infrastructure, and the digital economy. Direct inquiries: jaison@incisornews.tech
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