Hong Kong-based cryptocurrency platform Crypto.com announced on Monday it has secured a $100 million direct insurance policy led by Arch Underwriting at Lloyd’s Syndicate 2012. The platform reported that this is the largest coverage that Crypto.com has secured for its cold storage assets on custodial partner Ledger Vault.
According to Crypto.com, the new policy brings its total cryptocurrency insurance to $360M, including direct and indirect coverage through custodians. Crypto.com also claimed that the policy will significantly expand security protection for its rapidly growing user base against physical damage or destruction, and third-party theft. Speaking about the new insurance policy, Kris Marszalek, Co-Founder and CEO of Crypto.com, stated:
“We have committed deeply to the security of our platform, a top concern shared by early adopters and those new to crypto. This additional insurance policy from Lloyd’s, coupled with our previous large policy and ongoing proactive ‘Defense in Depth’ approach, provides another layer of protection for our users.”
The insurance policy follows Crypto.com recent announcement that its platform has reached two million users, a key milestone achieved just six months after the platform hit its one million user mark.