Leading cryptocurrency platform Crypto.com has been able to enhance its total insurance coverage to $750 million, the company said in a press release shared with The Chain Bulletin on 20 September.
According to the announcement, the new insurance programme includes both direct and indirect custodian coverage, and is one of the largest is the crypto industry. The renewed policy — that took effect on 6 September — was led by insurance giant Arch Underwriting at Lloyd’s Syndicate, and will protect the company’s more than 10 million users from third-party theft, damage, and destruction. Crypto.com’s co-founder and CEO, Kris Marszalek, said in a statement:
“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, said Crypto.com was able to secure the new insurance policy in a “much shorter time frame than is ordinarily the case” thanks to its partnership with Ledger Vault, which gave underwriters the “necessary confidence” in Crypto.com’s custodial security.
Back in May, when Crypto.com had only around two million users, the company was able to secure a total crypto insurance of $360 million, again with the help of Arch Underwriting. With its current capacity of $750 million, Crypto.com has finally stolen the top spot in crypto insurance from BitGo’s $700 million “Crime/Excess Specie insurance”.