Hong Kong, September 20 — Today, 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.
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.Kris Marszalek, Co-founder and CEO of Crypto.com
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.James Croome, Head of Fine Art & Specie for Arch Underwriting at Lloyd’s Syndicate 2012
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. Find out more: https://crypto.com