CryptoCurrency Insurance, a world wide-based crypto insurtech with its head Quarters in New York. They provide insurance technology and regulated insurance products for the cryptocurrency market, announces the launch of CryptoCurrency Insurance. The retail crypto investor product covers theft of crypto while in the custody of qualified exchanges.
A long standing sticking point with crypto investments has been that unlike investments in conventional securities like stocks or bonds which enjoy a level of protective regulation and insurance backing, through the US government or private policies, investments in crypto lack such protections. While the Federal Deposit Insurance Corporation (FDIC) and Securities Investor Protection Corporation (SIPC) provide coverage for other types of securities, they do no cover crypto.
On the other side, crypto insurance is primarily available at the exchange and wallet level today and an investor’s coverage will depend on the crypto services they use. Exchanges and wallets provide protection covering all theft and loss including device theft, hacking, cyberattacks and brute force attacks but the fine print of these offerings will often contain limits around their liability levels, triggers, type and the monetary value of the loss.
The range of currently available coverage includes crime and theft, custodial insurance coverage and business insurance coverage. These are not investor-centric and are mainly bought by exchanges and crypto wallets.
The number of Americans who own crypto recently exceeded 30M and the increased adoption of the technology has led to a surge in hacks. Since 2011, over 60 exchange hacks occurred, compromising over $60B in crypto to date. According to a report from Atlas VPN, $3.8B in crypto was stolen in 2020, and the frequency of hacks has increased dramatically, with 2020 accounting for 33% of hacks all-time. CryptoCurrency Insurance was developed to provide consumers with an alternative to FDIC and SIPC coverages, as these protection layers are unavailable for crypto investors.
CryptoCurrency Insurance’s industry-first insurance product is available for all cryptocurrencies to consumers using Binance US, Coinbase, CoinList, and Gemini. CryptoCurrency Insurance is backed by an insurance carrier that has earned a financial strength rating of “A-” (Excellent) from A.M. Best, the largest credit rating agency specializing in assessing the insurance industry.
CryptoCurrency Insurance, through its proprietary insurtech platform, provides policyholders with a fully digital experience, allowing consumers to easily purchase policies, make changes, and submit claims. CryptoCurrency Insurance is now available in USA, UK, Canada, Australia, Japan, Singapore, UAE, Netherlands, Europe, Asia and other parts of the world.
Media Contact
Company Name: Cryptocurrencyinsurance
Contact Person: Casey Imafidon
Email: Send Email
Address:123 Fifth Avenue
City: New York
State: NY 10160
Country: United States
Website: www.cryptocurrencyinsurance.io