Hong Kong-based cryptocurrency platform Crypto.com announced that it has expanded its total insurance coverage to US$750 million, including both direct and indirect custodian coverage for more than 10 million of it users.
The insurance policy offers protection against physical damage or destruction, and third-party theft.
According to Crypto.com, this policy is the largest coverage that it has ever secured for its cold storage assets on Ledger Vault, the company’s custodial partner.
The platform had previously secured a US$100 million direct insurance policy led by Arch Underwriting at Lloyd’s Syndicate 2012.
Kris Marszalek
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
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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