Home News Crypto.com expands insurance program to $750 million

Crypto.com expands insurance program to $750 million

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Crypto.com expands insurance program to $750 million. Hong Kong Cryptocurrency Platform Crypto.com announced an increase in the volume of insurance coverage of users’ assets to $750 million.

Thus, the program is implemented in partnership with Arch Underwriting, a member of Lloyd’s insurance market.

Moreover, the coverage guarantees compensation for direct and indirect losses of assets in the cold storage of the Ledger Vault company, a custodial partner Crypto.com. The insurance policy provides protection against “physical damage or destruction and theft by third parties.”

Ledger Vault’s insurance program

Earlier, Ledger Vault, with the help of Arch Underwriting and Marsh, launched its own insurance program for up to $150 million. All cryptocurrencies supported by the platform fall under the Ledger Vault protection policy. Its clients also had the opportunity to purchase additional primary insurance coverage for assets under a simplified scheme.

The representative of the Arch Underwriting division at Lloyd’s, James Croome, noted that the choice of a custodian as a partner helped Crypto.com get a policy in a shorter time than usual.

“Data security and confidentiality are the basis for the widespread adoption of cryptocurrencies. The updated Lloyd’s policy will significantly expand the protection of our users together with the existing measures”. The CEO and co-founder of Crypto.com Kris Marszalek said.

CRO Token, DeFi Swap platform and NFT marketplace

In November 2019, the company launched a cryptocurrency exchange. Payment company Crypto.com, the issuer of the CRO token, announced the launch of a cryptocurrency exchange. Kris Marszalek called this a “natural next step” in building its own ecosystem.

In September 2020, it entered the decentralized finance market. With the DeFi Swap platform, which became another fork of the Uniswap protocol. The protocol is deployed on the Ethereum network.

Recall that in 2021 Crypto.com created its own marketplace of non-fungible tokens (NFT). “Our mission is to accelerate the world’s transition to cryptocurrencies, and NFT is the next natural step,” the statement says.

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