Crypto.com Gets $100M in Crypto Insurance Through a Global Insurance Company

The crypto-market is attracting lots of attention from Financial Industries lately. A recent stride in the crypto-space is that Crypto.com, a pioneering payment and cryptocurrency platform based in Hong-Kong, recently got $100 million in crypto-insurance that takes care of users’ digital assets.

The recent news was publicized on yesterday, but the name of the global insurance company remained anonymous. This insurance policy worth $100 million covers cold wallets against theft, hacks, and losses.

Crypto.com is one of the leading crypto-payment platforms in the world today. The platform also offers crypto-related Visa cards, wallets, and crypto-investments for its clients.

The platform also added that it had added new security measures to its platform, such as two-factor authentication for transactions. Crypto.com didn’t fail to announce the inclusion of MCO Visa Card to add a security layer to clients when they want to withdraw or send their assets.

Cryptocurrency Gets a Nod from The Insurance Market

The insurance market is one of the biggest financial markets today, but it has been without digital assets for a long time now. Things are beginning to change as the insurance industry has responded to the increased need for cold storage.

It is essential to know that one of the reasons why some traditional institutions disapproved cryptocurrency before was due to hacks and thefts targeted at cryptocurrency wallets, as they have a centralized point of letdowns.

A blockchain security company known as BitGo discarded the crypto-letdowns and obtained an insurance policy from Lloyd’s of London, which is one of the oldest insurance agencies in the world today. The new insurance policy from Lloyd’s of London to BitGo will ensure a broader coverage against fraud and hacks.