Crypto.com enhances insurance coverage to $750 million
Crypto.com, a startup that offers crypto cards along with exchange and wallet, has announced that its total policy coverage, led by Arch Underwriting at Lloyd’s Syndicate 2012 has been enhanced to $750 million.
This includes both direct and indirect custodian coverage and this is the largest insurance that it has secured for its cold store assets that are held at Ledger Vault. The company has reported that it has more than 10 million customers and they would be protected by this massive insurance program against third-party theft, damage, and destruction.
Kris Marszalek, co-founder, and CEO of Crypto.com said: “We believe that security and data privacy are the foundations of achieving mainstream cryptocurrency adoption. The renewed policy from Lloyd’s will significantly expand security protection for our growing user base, together with our previous large policy and ongoing proactive ‘Defense in Depth’ approach.”
Security is a key aspect for anything related to crypto nowadays as everything remains online and on the blockchain for the most part and major crypto companies must ensure that the funds of the users are safe as they are likely to be on the radar of many crypto hackers around the world. This increases the need for other products like an insurance for exchanges and wallets to give the assurance to the users that their funds are safe and even if something untoward happens, they would be well covered by the insurance.
James Croome, Head of Fine Art & Specie for Arch Underwriting at Lloyd’s Syndicate 2012 said: “A complete and detailed understanding of the custodial process is one of the most critical, and time-consuming, stages in the underwriting of any digital asset risk. By choosing to partner with Ledger Vault, a known service provider to insurers, Crypto.com was not only able to provide underwriters with the necessary confidence in their custodial security, but they were also able to obtain a policy in a much shorter time frame than is ordinarily the case.”
Crypto.com recently launched its NFT platform to go along with the latest NFT craze and it seeks to be the premier platform for those users who want to collect and trade NFTs in various fields like arts, sports, and design. The company now has multiple products to serve each of the growing fields within the crypto ecosystem to ensure that it stays with the times and abreast of the latest innovations within the crypto field.