Is Crypto.com insured? A lot of people using Crypto.com and other cryptocurrency exchanges need some form of assurance to make sure their crypto assets and other digital assets are not lost. Crypto.com even expanded their insurance program to one of the industry’s largest at USD 750 Million.
Crypto.com announced that it has expanded its total insurance coverage to USD $750M, after increasing its policy coverage led by Arch Underwriting at Lloyd’s Syndicate 2012. The renewed policy, effective 6 September 2021, makes Crypto.com’s insurance programme one of the largest in the industry.
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 more than 10 million users can rest assured knowing they are protected by one of the industry’s biggest insurance policies offering protection against physical damage or destruction, and third-party theft.
More Information About Crypto.com
Founded in 2016, Crypto.com today serves over 10 million customers with 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 and Crypto.com DeFi Wallet. Recently launched, Crypto.com NFT is the premier platform for collecting and trading NFTs, carefully curated from the worlds of art, design, entertainment and sports.
Crypto.com is built on a solid 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 over 2,600 people in offices across the Americas, Europe and Asia, Crypto.com is accelerating the world’s transition to cryptocurrency.
What Crypto Insurance Actually Covers
As you can see, there are many different ways exchanges go about securing and insuring your funds. If a crypto brokerage insures your funds on its exchange, you can trust that the exchange is secure. If it wasn’t, no insurance company would insure them. Even if there were a security breach, you know that your funds will be reimbursed by the insurance company.
If an exchange holds part of your cryptocurrency in a hardware wallet, then it’s secured from hackers. Insurance on hardware wallets isn’t necessary, as they can’t be hacked into like an exchange can.
Best Crypto Insurance for Crypto.com
Blockchain and cryptocurrencies are changing the way the insurance industry operates –– especially insurance in the crypto and digital currency space. Some companies are even decentralizing insurance funds with blockchain technology, meaning that anyone can buy tokens that represent a piece of the insurance fund and potentially profit from the value of the fund increasing.
Similar to other investments, crypto insurance covers losses from the value of your cryptocurrency decreasing. As well as losses from smart contract bugs and hackers, however, may be insured. In order to limit your risk as a crypto investor, you should either use a cryptocurrency exchange and crypto wallet that are insured or get your personal crypto insurance.
Find out more about getting the best crypto insurance for your cryptocurrencies and digital assets by sending a request to: info@cryptocurrencyinsurance.io.
