Cryptocurrency insurer Evertas has received authorization from London-based Arch Insurance International, a syndicate member of Lloyd’s of London, to increase its coverage limit for a single policy for crypto custodians and exchanges to $420 million, up from its previous limit of just $5 million. This is a significant boost for risk management in the cryptocurrency industry.
New York-based Evertas insures crypto wallets against hacks and thefts, which often hinder wider adoption of the industry. According to a report by blockchain intelligence firm TRM Labs, hackers have stolen around $400 million from crypto projects so far this year.
Evertas, which only writes insurance for custodians with private keys, raised $14 million in funding last December, led by Polychain Capital and including contributions from Morgan Creek Matrixport and HashKey among others.
Quotes: This is a significant boost for risk management in the cryptocurrency industry and Hackers have stolen around $400 million from crypto projects so far this year.