Cryptocurrency trading platform Crypto.com has expanded its insurance coverage for digital assets such as cryptocurrency bitcoin, to $750 million. This more than doubles the $360 million insurance coverage it announced in May and is one of the industry’s largest, topping the over $700 million coverage offered by U.S.-based digital asset services firm BitGo.
In May, the company had announced a new $100 million insurance policy to bring Crypto.com’s total crypto insurance to $360 million, providing an additional layer of protection for its over 2 million user base against physical damage or destruction, and third-party theft.
Hong Kong-based Crypto.com has now expanded its total insurance coverage after increasing its policy coverage led by Arch Underwriting at Lloyd’s Syndicate 2012. The renewed policy is effective from September 6, 2021.
“The renewed policy from Lloyd’s will significantly expand security protection for our growing user base, together with our previous large policy and ongoing proactive ‘Defense in Depth’ approach,” said Kris Marszalek, Co-founder and CEO of Crypto.com.
This policy is secured for Crypto.com’s cold storage assets on Ledger Vault, the company’s custodial partner, including both direct and indirect custodian coverage. The coverage will offer protection against physical damage or destruction, and third-party theft for Crypto.com’s more than 10 million users.
Founded in 2016, Crypto.com is among the world’s fastest growing crypto app, along with the Crypto.com Visa Card, the world’s largest crypto card program, the Crypto.com Exchange, Crypto.com DeFi Wallet and the NFT trading platform Crypto.com NFT. It has offices across the Americas, Europe and Asia.
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