Crypto.com Launches $120M Insurance Coverage for digital Assets
Crypto.com, a leading crypto exchange, has recently announced securing $120 million in insurance for digital assets held in its U.S.-based Crypto.com Custody Trust. This move underscores the company’s commitment too safety and protection.
The insurance policy is managed by Aon,a global insurance firm.Aon partnered with underwriters at Lloyd’s of London to assess and approve Crypto.com’s risk management practices.This insurance aims to shield customers’ assets from theft and fraud.
- Most coverage, $100 million, protects physical loss or damage to assets in cold storage.
- The remaining $20 million is for potential theft or crimes by third parties.
The insurance will cover the first quarter of 2025. Joe Anzures, president of Crypto.com Custody Trust Company, said, “Our goal is to build trust and security for our customers.”
While crypto insurance remains uncommon, a recent report by CoinLaw shows only 22% of exchanges have such coverage. Of these, 74% focus on crime and cyberattacks, reflecting the growing concern over hacks.
Crypto.com continues its expansion in North America with a new office in Washington D.C. This move follows the U.S. Securities and Exchange Commission’s closing of an inquiry against the company.
The exchange has also partnered with Canary Capital Group to launch the Canary CRO Trust. This investment product offers regulated exposure to the Cronos (CRO) token.
