Arch Underwriting at Lloyd’s Syndicate 2012 has helped provide a $100 million direct insurance policy to Crypto.com, a cryptocurrency finance platform formed in 2016.
This is the largest coverage that Crypto.com has secured for its cold storage assets on custodial partner Ledger Vault.
The new policy brings Crypto.com’s total cryptocurrency insurance to $360 million, including direct and indirect coverage via custodians.
It’s hoped the policy will significantly expand security protection for its user base against physical damage or destruction, and third-party theft.
“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,” said Kris Marszalek, Co-founder and CEO of Crypto.com.
“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.”