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The new crypto.com insurance policy scheme is currently the largest in the industry and offers more protection and compensation to users.
Crypto.com has expanded its insurance policy program to $750 million, making it the largest in the industry. The platform’s new policy coverage came into effect on September 6th, 2021.
Before this expansion, Crypto.com initially led the industry with its $360 million insurance policy. But in April, BitGo overtook them as industry leaders with a whopping $700 million. Now, Cryto.com’s new $750-million offering sees them return once more to the summit, with both direct and indirect custodian coverage. The over ten million users of the investment vehicle are now better protected against physical damage, destruction, and third-party theft. Arch Underwriting at Lloyd’s Syndicate 2012 led the policy coverage.
This new policy is Crypto.com’s biggest coverage for its cold storage assets on Ledger Vault, the custodial partner to the online crypto investment platform. Crypto.com co-founder and chief executive officer, Kris Marszalek, spoke about the policy coverage increase. He said:
“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.”
Marszalek also stressed the importance of an efficient insurance coverage scheme in the crypto space. He stated that such security is paramount because the crypto space is highly susceptible to hacks and protocol breaches. The sensitive nature of online information requires better protection and also adequate compensation in case of a mishap.
Crypto.com Also Has Several Other Business Interests Outside of its Insurance Policy Coverage
Crypto.com recently jumped on board the NFT bandwagon by launching its own NFT platform. The company intends to be the ultimate platform for users who want to trade and hold various NFTs across sectors like arts, sports, entertainment, and design. Crypto.com currently operates multiple products that cater to each of the growing sectors within the crypto ecosystem. This way, the online platform positions itself with emerging innovations within the crypto space. Crypto.com is the first crypto company in the world to attain the highest technical levels in both NIST Cybersecurity and Privacy Frameworks.
The company has ventured into mega-million sponsorship deals in the sporting world, particularly in soccer, UFC, and Formula 1. Earlier this month, Crypto.com signed a multi-million-dollar deal with French Ligue 1 club PSG to be its official crypto platform provider. The online investment platform also partnered with premier combat sports promotion UFC on a multi-year deal in July. Part of the deal includes granting on-site advertising and media broadcast rights to Crypto.com. This perk is especially noteworthy because the UFC currently has a massive global fan base of 625 million people.
Founded in 2016, Crypto.com is a startup that offers crypto cards in addition to exchange and wallet services. The firm’s products include the Crypto.com Visa Card (the world’s largest crypto card program), the Crypto.com DeFi Wallet, and the Crypto.com Exchange.