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Crypto.com claims to hold industry record for insurance coverage as users double

May 14, 2020

Crypto.com has taken out a $ 100 million direct insurance policy provided by Arch Underwriting in Lloyd’s Syndicate 2012.

According to an announcement made on May 11, the new policy will increase Crypto.com’s total coverage to $ 360 million The company claims that it now has the largest insurance coverage in the entire cryptocurrency sector.

Crypto.com also reports that its user base doubled in six months, reaching 2 million. Cointelegraph spoke to the company’s managing director, Kris Marszalek, to learn more about the company’s new coverage and the increase in users.

Crypto.com guarantees direct coverage of $ 100 million

Crypto.com claims to hold industry record for insurance coverage as users doubleCrypto.com claims to hold industry record for insurance coverage as users double

Marszalek explained that the new policy of $ 100 million is the largest policy directly insured by Crypto.comand found that other cover has been received “indirectly through the custody partner Ledger Vault”.

“The insurance policy covers losses due to various events, such as physical damage or destruction (including natural disasters), theft of others, and mores against cold storage facilities at custody partner Ledger Vault, “he said, adding that Crypto.com” could ensure that coverage conditions were tailored to his specific needs. “

When asked if insurers were reluctant to work with a cryptocurrency company, Marszalek said:

“The insurance industry is still very new to cryptocurrency, and among rare players who have difficulty securing crypto assets, the requirements for insured companies are often higher than those for cryptocurrencies, traditional companies due to the limited understanding of the technology and the higher level Perception of crypto asset risk. “

“For Crypto.com, the entire process took more than six months and included an advanced due diligence review of all of the company’s processes, particularly the storage and access to our hardware devices with multiple signatures and physical security keys.” .

Transaction volume peak

Crypto.com also announced that it has passed the 2 million customer milestone. with a doubling of the user base in half a year despite the coronavirus pandemic.

“In the first quarter of 2020, we had a record quarter with new users and trading volumes. From autumn 2019 to spring 2020, we doubled our user base from 1 million to 2 million in less than 6 months and tripled the transaction volume from December to April, ”said Marszalek.

“We have definitely seen spikes right after the US government announced stimulus packages. The growing mistrust of monetary policy regarding quantitative easing has proven to be the perfect build-up for halving Bitcoin this month and in the past two weeks. We’ve seen a significant increase in new users. “

Marszalek said that The Crypto.com debit card is the most popular product among new users. and emphasized the great interest of European users after the start in the region.

“We are just around the corner with the introduction of the Visa MCO card in Europe, where our team has had a successful boost, especially for markets where localization is required,” he said.

“The Crypto.com app has reached the top 50 in the finance category in the UK, France, Italy and Spain. In these markets, our team has worked hard to create local communities and double the effort to support the local language.” he added.

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