Crypto.com Expands Insurance Programme to one of the Industry’s Largest at USD 750 Million
DailyCoin
Published Sep 20, 2021 07:05AM ET
Updated Sep 20, 2021 07:30AM ET
Crypto.com Expands Insurance Programme to one of the Industry’s Largest at USD 750 Million
Today, Crypto.com announced that it has expanded its total insurance coverage to USD $750M, after increasing its policy coverage led by Arch Underwriting at Lloyd’s Syndicate 2012. The renewed policy, effective 6 September 2021, makes Crypto.com’s insurance programme one of the largest in the industry.
This policy is the largest coverage that Crypto.com has ever secured for its cold storage assets on Ledger Vault, the company’s custodial partner. It brings Crypto.com’s total cryptocurrency insurance to USD $750M, including both direct and indirect custodian coverage. Crypto.com’s more than 10 million users can rest assured knowing they are protected by the industry’s biggest insurance policy offering protection against physical damage or destruction, and third-party theft.
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.” 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.”
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