The insurance policy is one of the largest in the cryptocurrency industry, reflecting heightened demand for consumer protection.
Digital currency exchange Crypto.com has expanded its insurance policy to cover up to $750 million worth of digital assets, offering an additional layer of protection for the platform’s ten million users. The new policy, effective since Sept. 6, is backed by Arch Underwriting, a division with Lloyd’s Syndicate 12, the company announced Monday. The policy, which includes both direct and indirect custodian coverage, applies to Crypto.com’s cold storage assets held on Ledger Vault. The policy is one of the largest in the cryptocurrency industry, exceeding the over $700 million coverage purchased by digital custodian BitGo earlier this year. Digital asset companies are expanding their insurance coverage to protect against physical damage and, perhaps more importantly, third-party theft. Consume
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