Posted 11 months ago | by Ben Armstrong

Crypto.com Extends Insurance Coverage to $360 Million USD

According to an official announcement, Crypto.com just secured a $100mln USD direct insurance policy led by Arch Underwriting at Lloyd’s Syndicate 2012. For Crypto.com, this is the biggest insurance package for its custodial partner Ledger Vault, which operates the cold storage vault.

With the new policy, the total cryptocurrency insurance of Crypto.com has risen to $360M, including direct and indirect coverage via custodians

The security protection was obtained for its rapidly growing user base, will be expanded in the wake of this positive development. The user base on the platform just surpassed 2 million, and this added insurance against physical damage or destruction, and third-party theft will help to assure new clients that their tokens are secure.

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Today, the total market value of cryptocurrencies has grown to $250–300 billion USD, but there is only $1bln USD worth of available insurance coverage, according to a Forbes’ report. This would suggest that the majority of crypto assets are unrecoverable. It is estimated that fraud and thefts are rising and reached $4.5bln USD globally in 2019.

Crypto.com conducted a survey with the Economist Intelligence Unit (EIU). It showed nearly one-third of respondents to the survey thought that security concerns are a barrier to greater digital currency adoption.

The co-founder and CEO of Crypto.com, Kris Marszalek, said:

“The crypto market is woefully under-insured, which puts both custodial firms and users at risk of theft or loss of their assets and presents a roadblock to mainstream crypto adoption. We have committed deeply to the security of our platform, a top concern shared by early adopters and those new to crypto. This additional insurance policy from Lloyd’s, coupled with our previous large policy and ongoing proactive ‘Defense in Depth’ approach, provides another layer of protection for our users.”

More Growth Ahead

Crypto.com informed the media that its platform has reached two million users, which is a key milestone achieved just six months after the company hit the one million user mark. Transaction volumes on Crypto.com’s platform have more than tripled between December 2019 and April 2020.

The Crypto.com App is also ranked in the top 50 for the category of Finance in the UK, France, Italy, and Spain. The company is in the process of bringing its cards to the rest of Europe soon. If you are interested in learning more about the MCO Visa cards that are offered by Crypto.com, please click right here!