On Monday, the popular crypto finance platform acceded the insurance cover via institutional custody provider Ledger Vault. The offer made was a total of $150 million of pooled insurance cover to the clients through the insurance broker Marsh and the Lyold’s of London underwriter Arch Insurance.
Crypto.com has a whopping 2 million users and further topped the vault cover with a $100 million direct policy. It also got for itself $110 worth of digital asset custody insurance from BitGo again under a pooled policy. Hence the new policy takes Crypto’s total coverage to $360 million with the firm now claiming publicly that this is the largest insurance cover arrangement to be made.
The insurance policy will cover losses pertaining to natural disasters, mishaps, third-party theft, and much more. Although the insurance industry is still hesitant to work in the crypto market, with time and with more information and understanding of the technology will ensure their confidence is boosted. The insurance coverage company worked its due diligence and the entire process took more than 6 months to process. More time was devoted to the access as well as the storage of multisig hardware signing devices and to reclaim the back-up keys.
With Crypto.com exceeding 1 million customers and a doubled user base in less than a year, it also has achieved in terms of the trading volume. The user base doubling has seen an exponential rise in the transaction volumes which have tripled between December and April. The trading volume surge was noticed right after the announcement of the stimulus package by the US government. The company spokesperson also mentioned that amongst its repository of products, the debit card has assumed new significance, especially from European users.
It is also planning to roll out the MCO Visa Card across the European region where it has already tasted success. The app also has managed to appear in the top 50 in the finance segment across the UK, Spain, Italy, and France. Their team has particularly done well in terms of launching local communities. They had also done their bit to ensure the users do not suffer in terms of language and also have provided local language support.
Image Source – Verdict