Crypto.com Secures The Largest Direct Insurance Policy Within Crypto Industry
Crypto.com Secures The Largest Direct Insurance Policy Within Crypto Industry
May 15, 2020
Crypto.com Secures The Largest Direct Insurance Policy Within Crypto Industry
Crypto.com Secures The Largest Direct Insurance Policy Within Crypto Industry
May 15, 2020

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

On May 11, an announcement was made stating that the new policy brings Crypto.com’s total coverage to $360 million claiming to now have the largest insurance coverage within the entire cryptocurrency sector.

Crypto.com’s chief executive, Kris 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.”

Marszalek stated:

ALSO READ :  LG CNS Examines Facial Recognition To Conduct Payments With Digital Currency

“The insurance industry is still very new to the crypto space, and between the rare players which endeavour to cover crypto assets, the requirements imposed on the insured companies are often higher than those on traditional companies due the limited understanding of the technology and perceived higher risk of crypto assets.”

Further adding:

“For Crypto.com, the whole process took over six months and involved enhanced due diligence exercise on the entire company processes, and in particular on the storage and access of our multisig hardware signing devices and physical back-up keys.”

Crypto.com also announced that it has surpassed the 2 million customer milestone. Its user base doubled in half a year despite the coronavirus pandemic:

“In Q1 2020 we saw a record-breaking quarter with new users and trading volume. From the Fall of 2019 to Spring of 2020, we doubled our user base from 1 million to 2 million in under 6 months and saw transaction volumes triple between December and April.”

Marszalek also said that Crypto.com’s debit card is the most popular product among new users, noting significant interest from European users after launching in the region:

ALSO READ :  Bitcoin’s Daily Volatility Sees 25% Monthly Volume Increase On Delta Exchange

“We are just around the corner from rolling out MCO Visa Card across Europe, where our team has successfully built momentum, especially for markets where localization is necessary.”

Further adding:

“The Crypto.com App has reached top 50 in the Finance category in the U.K., France, Italy and Spain — markets where our team has spent hard work launching local communities and doubling effort on local language support.”


Source: Cointelegraph | Image: Pexels

Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
Share This

Share This

Share this post with your friends!