Crypto.com Claims Industry Record For Insurance Coverage As Users Double

Crypto.com has secured a $100 million direct insurance policy provided by Arch Underwriting at Lloyd’s Syndicate 2012.

Per a May 11 announcement, the new policy brings Crypto.com’s total coverage to $360 million — with the firm claiming to now have the largest insurance coverage within the entire cryptocurrency sector.

With Crypto.com also reporting that its userbase has doubled over six months to tag $2 million, Cointelegraph spoke with the firm’s chief executive, Kris Marszalek, to find out more about the firm’s new coverage and spike in users.

Marszalek stated that the new $100 million policy is the largest direct policy secured by Crypto.com, noting that other coverage has come “indirectly via our custodial partner Ledger Vault.”

“The insurance policy covers loss attributable to various events such as physical damage or destruction (including natural disasters), third-party theft and more, against the cold storage assets on custodial partner Ledger Vault,” he stated, adding that Crypto.com “were able to ensure the coverage terms suit our specific needs.”