Banks moving into crypto keep hitting the same wall. There is barely anyone to insure what they hold.

That gap is the business of Soter Insure, a specialist insurer for digital assets. SC Ventures, the venture arm of Standard Chartered, and Japanese financial group SBI have joined the company’s Series B funding round as strategic investors, the company said Thursday.

The size of the round was not disclosed.

Who is behind the round

The round is led by Galaxy, the crypto financial services firm founded by Mike Novogratz. A first close in July brought in Coinbase Ventures, Franklin Templeton and Brevan Howard Digital, and existing backer Token Bay Capital added more money in this second…