Crypto.com expands insurance coverage to $750 million

Hong Kong-based cryptocurrency platform Crypto.com announced that it has increased the scope of insurance coverage for user assets to USD 750 million.

We’re proud to announce that we’ve increased our insurance coverage to USD $750M, the largest policy programme in the industry 💰🔒The most secure cryptocurrency platform is now even more secure.

Details here — https://t.co/5VR46byWq5 pic.twitter.com/D1o7druJad

— Crypto.com (@cryptocom) September 20, 2021

The programme is underwritten in partnership with Arch Underwriting — a Lloyd’s market participant.

The coverage guarantees reimbursement of direct and indirect losses of assets in the cold storage Ledger Vault — Crypto.com’s custodial partner. The insurance policy provides protection against “physical damage or destruction and theft by third parties”.

Earlier, Ledger Vault, with Arch Underwriting and Marsh, launched its own insurance programme for up to $150 million.

“Security and privacy of data are foundational for broad adoption of cryptocurrencies. The updated Lloyd’s policy will significantly expand protection for our users alongside existing measures,” said Crypto.com co-founder and CEO Kris Marsalek.

In November 2019 the company launched a cryptocurrency exchange. In September 2020 entered the decentralized finance market with the DeFi Swap platform, which became another fork of the Uniswap protocol.

In 2021, Crypto.com launched its own NFT marketplace.

Subscribe to ForkLog news on VK.