Soter Insure adds SC Ventures and SBI to its Series B, led by Galaxy

Soter Insure has held the second close of its Series B, adding Standard Chartered's SC Ventures and SBI Group as strategic investors. Galaxy led the round and Token Bay Capital made a follow-on investment. Coinbase Ventures, Franklin Templeton and Brevan Howard Digital joined at the first close in July. The release does not state an amount; CoinDesk reports about $23 million in cash plus bitcoin and ether [verify: CoinDesk's figures differ slightly].

Soter is headquartered in Abu Dhabi, with operations in Bermuda and offices in London, New York and Dubai. Henson Orser is founder and CEO. It insures financial institutions against D&O, professional indemnity, crime, specie, slashing and smart contract failure risks, in fiat and in native digital assets.

The money goes to underwriting capacity, technology and expansion into Asia-Pacific, Europe and the US.