EFI Global

Crypto.com Lands Record $360M Insurance Cover For Offline Bitcoin Vaults

 Monday, May 11, 2020

 CoinDesk

Crypto.com has gathered a record-breaking $360 million worth of insurance to cover the potential loss of coins stored in special offline vaults.

Announced Monday, the crypto finance platform accessed the cover through institutional custody provider Ledger Vault, which offers $150 million of pooled insurance cover to clients via insurance broker Marsh, and Lloyd’s of London underwriter Arch Insurance.

Crypto.com, which reports two million users on its platform, has topped up the Ledger Vault cover with a $100 million direct policy, and also availed itself of $110 million worth of digital asset custody insurance from BitGo under a pooled and direct policy.

Snagging crypto insurance has been notoriously difficult over the past few years, even for the large blue-chip exchanges.

Things appear to be changing, however, with Lloyd’s, the 300-year-old specialist insurance market, recently putting its name to a product covering losses from so-called “hot wallets,” or accounts that remain connected to the internet.
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