Galaxy leads Soter Insure's Series B second close as SC Ventures and SBI join

DUBAI — Soter Insure, the Abu Dhabi-incubated digital asset insurer, has closed a second tranche of its Series B led by Galaxy, with Standard Chartered's SC Ventures and SBI Group joining and Token Bay Capital following on, per a PR Newswire release. No amounts were disclosed.

CoinDesk reports the Series B now totals roughly $23.5 million in cash plus 500 BTC and 2,000 ETH, about $66 million all in, after a first close in July that brought in Coinbase Ventures, Franklin Templeton and Brevan Howard Digital. Soter, led by CEO Henson Orser, was incubated by Abu Dhabi's Further Ventures and WebN Group and insures institutional crypto risk from a Bermuda licence, with offices in Dubai, London, New York and Hong Kong.

Raising part of the round in native BTC and ETH is deliberate: Soter denominates some claims in kind, so the assets on its balance sheet match the risks it underwrites, with the coins held in cold storage at regulated custodians.

The read: a bank venture arm and SBI on the register say digital asset insurance is becoming institutional infrastructure, not a niche. Watch whether the in-kind structure becomes the template for crypto-native balance sheets.