Crypto.com finally announced the expansion of the total coverage of insurance to $750m after increasing the insurance policy coverage under Arch Underwriting at Lloyd’s Syndicate of 2012. The renewed insurance policy of Crypto.com will make the platform the biggest and most popular insurance policy program in the industry. Established in 2016, Crypto.com is associated with more than 10 million users. The platform has recently branched out to Crypto.com NFT, a premier platform for the collection and exchange of NFTs obtained from the industries of sports, art, design, and entertainment.
The insurance policy provides the largest coverage for the cold storage assets at Ledger Vault, the custodial partner of Crypto.com. According to James Croome, the Head of Fine Art & Specie for Arch Underwriting at Lloyd’s Syndicate 2012, the partnership with Ledger Vault enables the Crypto.com platform to provide the underwriters with confidence in the custodial security of crypto assets and allows customers to obtain insurance coverage within a shorter period. This policy will cover the total cryptocurrency asset insurance of the platform up to USD $750 million, including indirect and direct custodian coverage.
In the opinion of the CEO and Co-founder of Crypto.com, Kris Marszalek, the renewed insurance coverage policy will enhance the security and data privacy protection of the crypto assets, and thereby encourage the mainstream adoption of cryptocurrency. Crypto.com operates with more than 2600 employees in offices spread across Asia, Europe, and America. The three pillars of success of the platform are compliance, privacy, and security as certified by Privacy Frameworks and NIST Cybersecurity. The renewed insurance policy will make sure that the assets of these 10 million users are strictly protected against third-party theft, destruction, and physical damage.