Crypto.com Offers $100 Million in Crypto Insurance Through Global Firm

Hong Kong-headquartered Crypto.com today said it has obtained a policy of as much as $100 million through a global insurance marketplace that covers users’ digital assets held in their accounts with the cryptocurrency and payment platform.

Announced Wednesday, the unnamed insurer will offer a crime insurance product that safeguards the offline storage accounts, known as cold wallets, against theft or direct loss.

Crypto.com, which provides crypto-related Visa cards, wallet and portfolio building services, also revealed new security measures, including two-factor authentication for certain transactions.

The company explained that, as it also offers the MCO Visa card, this move adds an additional layer of security for the user while sending or withdrawing their assets, as well as for wallet address whitelisting.

Insurers gradually respond to crypto demand

Insurance is scarce for digital assets held at custodians or exchanges, but the insurance industry has gradually responded to demand starting with cover for cold storage.

Cryptocurrency wallets are attractive to hackers as they have a single centralized point of failure, making them prone to the same security issues faced by millions of web applications globally.

While traditional institutions are shying away from cryptocurrencies and related assets, Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term security firm BitGo obtained insurance coverage from the prestigious Lloyd’s of London, one of the oldest insurance agencies in the world, with centuries of experience in this industry. However, BitGo’s policy offers a wider coverage against hacks, insider theft by employees, and loss of keys needed to unlock the funds.

Founded in 2016, Crypto.com launched its initial coin offering (ICO) in May 2017 after a year working on its offering that includes a range of products aimed at promoting the adoption of cryptocurrencies on a wider scale. The Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and card provider, formerly known as Monaco, also offers customers the option to fund their crypto wallets via EUR bank transfers from accounts in the Single Euro Payments Area (SEPA).