Evertas, an insurance company focused on cryptocurrencies, has announced an expansion in its coverage limits. It also announced the addition of mining activities to its portfolio. Coverage limits per policy for the insurer’s custody crypto assets have increased to $420 million. Thus, it marks almost three times the amount of risk transfer previously available for Blockchain-focused projects. In addition, Evertas adds up to $200 million in coverage per policy for mining operations. It is reported that this is the highest coverage limit available. Here are the details…
Important development for the cryptocurrency company
Crypto insurance insurer Evertas will increase coverage limits to $420 million per policy while adding additional mining coverage. Evertas, an insurance company focused on cryptos, recently announced an increase in coverage limits and the addition of mining operations to its coverage portfolio. According to an announcement, the insurer’s per-policy coverage limits on crypto assets for custody will increase to $420 million. That is, it will “nearly triple the amount of risk transfer that was previously available for blockchain-focused projects.”
It also adds up to $200 million in coverage per policy for mining operations. According to Evertas, these are the highest coverage limits available. The policy expansions come just six months after the company raised $14 million in a Series A funding round led by Polychain Capital. Reportedly, this brings the firm’s total external financing to $19.8 million. cryptocoin.com As we reported, Evertas, a Chicago-based company, is one of a handful of insurance companies focused on cryptos. It is also reportedly the only company to have been given official guarantor status by Lloyd’s of London.
Insurance problem in Bitcoin and altcoin field
While most cryptocurrency exchanges cover the losses to some degree, there are numerous instances where account holders may lose access to their untraceable assets through account or on-chain activities. An article in Investopedia includes the following statements:
Exchanges like Binance and Coinbase claim that they insure the coin funds of theft-stricken investors. However, this will not help you if you have to give your passwords and credentials in the event of an extortion.
The same article states that many insurers do not provide comprehensive coverage, thus forcing customers to mix and match policies. According to Evertas, the new policy limits aim to alleviate this frustration for consumers. The firm’s announcement states that its policies now provide greater scalability and speed, “making it now possible to obtain full, high-limit underwriting from a single source.” The cryptocurrency insurance space is relatively new compared to more traditional industries such as home and life insurance. According to experts, less than 1 percent of all cryptocurrency assets are insured through traditionally insured policies.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.