Cryptocurrency insurance firm Evertas has been granted authorization to provide coverage of up to $420 million per policy, a dramatic increase from its previous cap of $5 million.
Arch Insurance International, a syndicate of the renowned Lloyd's of London, sanctioned Evertas to elevate its coverage ceiling, Reuters reported.
This applies to individual policies for cryptocurrency custodians and exchanges, signifying a significant stride in risk management within the cryptocurrency sphere.
Located in New York, Evertas specializes in offering protection for crypto wallets from potential breaches and thefts that frequently tarnish the sector's reputation and impede broader acceptance.
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According to TRM Labs, a blockchain intelligence company, hackers have already pilfered about $400 million from various cryptocurrency ventures this year alone.
In the insurance industry, Evertas operates as a "coverholder," penning crypto insurance on behalf of Arch.
These are usually sought out by international insurance corporations for their specialized comprehension of intricate risks.
Evertas exclusively offers insurance to custodians holding private keys.
It successfully raised $14 million in funding last December with the likes of Polychain Capital spearheading the round, and further participation from entities like Morgan Creek Matrixport and HashKey.
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