Crypto.com revealed on Monday (September 20, 2021) that it has expanded its total insurance coverage to $750 million, after increasing its policy coverage – which has been led by Arch Underwriting at Lloyd’s Syndicate 2012.
As mentioned in a release shared with Crowdfund Insider, the updated policy, effective September 6, 2021, makes Crypto.com’s insurance program “one of the largest” in the industry.
As stated in the announcement:
“This policy is the largest coverage that Crypto.com has ever secured for its cold storage assets on Ledger Vault, the company’s custodial partner. It brings Crypto.com’s total cryptocurrency insurance to USD $750M, including both direct and indirect custodian coverage.”
Crypto.com’s 10 million+ clients may now be rest assured knowing they’re being protected by the industry’s largest insurance policy, providing protection against physical damage or destruction, as well as third-party theft.
Kris Marszalek, Co-founder and CEO at Crypto.com, stated:
“We believe that security and data privacy are the foundations of achieving mainstream cryptocurrency adoption. 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.”
James Croome, Head of Fine Art & Specie for Arch Underwriting at Lloyd’s Syndicate 2012, remarked:
“A complete and detailed understanding of the custodial process is one of the most critical, and time-consuming, stages in the underwriting of any digital asset risk. By choosing to partner with Ledger Vault, a known service provider to insurers, Crypto.com was not only able to provide underwriters with the necessary confidence in their custodial security, but they were also able to obtain a policy in a much shorter time frame than is ordinarily the case.”
Established in 2016, Crypto.com currently serves more than 10 million users with a fast-growing crypto app, along with the Crypto.com Visa Card — one of the largest crypto card programs — the Crypto.com Exchange and Crypto.com (decentralized finance) DeFi Wallet.
Recently introduced, the Crypto.com (non-fungible token) NFT aims to serve as the premier platform for “collecting and trading NFTs, carefully curated from the worlds of art, design, entertainment and sports.”
Crypto.com is developed on a robust foundation of security, privacy and compliance and is “the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks.”
With more than 2,600 professionals working in business offices across the Americas, Europe and Asia, Crypto.com remains focused on supporting the ongoing transition to cryptocurrency.