Crypto.com (CRO), a cryptocurrency wallet and trading platform, has taken bold steps to increase its total insurance coverage.
Crypto.com (CRO) is one of the world’s largest and fastest-growing cryptocurrency start-ups. The platform was founded in 2016 and boasts more than 10 million users. It offers cryptocurrency cards along with a cryptocurrency exchange and wallet.
In 2020, Crypto.com secured a $100 million direct insurance policy led by Arch Underwriting at Lloyd’s Syndicate 2012. To protect millions of users globally against third-party theft, damage, and destruction, Crypto.com has launched a massive insurance program increase. The total insurance policy coverage is now a staggering $750 million. The policy coverage was led by Arch Underwriting at Lloyd’s Syndicate 2012.
Besides, this is the largest insurance amount that has been secured for their cold store assets that are held at Ledger Vault. This policy involves both direct and indirect custodian coverage.
There is a need for security when dealing with blockchain and cryptocurrency due to the constant threat of hackers. Thus, major cryptocurrency companies must ensure that the funds of the users are safe as they are likely to be on the radar of many cryptocurrency hackers around the world. Hence, insurance like this for exchanges and wallets will give assurance to the users that their funds are safe. If something unanticipated ever happens, they will be well covered by the insurance.
The Aim of the Insurance Coverage
Kris Marszalek, the co-founder and CEO of Crypto.com, notes, “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.”
In addition, James Croome, Head of Fine Art & Specie for Arch Underwriting at Lloyd’s Syndicate 2012, said, “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.”
Crypto.com also launched its NFT platform just in time with the latest NFT trend. It seeks to be the premier platform for those users who want to collect, as well as trade, NFTs in various fields like arts, sports, and design.
As of the time of writing, Crypto.com Coin’s price was $0.161944 with a 24-hour trading volume of $81,311,414. CRO price also dropped by 9.4% over the last 24 hours. Besides, it has a circulating supply of 25 billion CRO coins and a total supply of 30.26 billion.