Raising the Bar: Increased Coverage Limits
Evertas is shaking things up in the cryptocurrency insurance world by nearly tripling the coverage limits for custodial crypto assets. Their per-policy coverage will now reach an impressive $420 million. This is huge for blockchain-focused projects, as it opens up new avenues for risk transfer that were simply unavailable before.
Covering the Miners: A New Addition to the Portfolio
But wait, there’s more! Evertas is also adding coverage for mining operations, allowing miners to secure up to $200 million per policy. Now, miners can breathe a little easier knowing they have robust coverage supporting their operations. Apparently, these limits are the highest around, which means Evertas is stepping up its game and adding real value to the mining community.
Funding and Growth: Evertas on the Rise
This policy expansion comes hot on the heels of a $14 million boost in a Series A funding round led by Polychain Capital, bringing Evertas’ total outside funding to a jaw-dropping $19.8 million. With the cryptocurrency landscape rapidly evolving, having substantial backing is essential for any firm looking to make a mark.
The Unique Position of Evertas in the Market
Based in Chicago, Evertas stands out as a pioneer in crypto and digital asset insurance. They are one of the only insurers focusing on this niche and, impressively, hold official cover holder status from Lloyd’s of London. This positioning gives Evertas a competitive edge and adds to their credibility as they navigate this burgeoning market.
Challenges in Crypto Insurance: A Call for Comprehensive Coverage
Despite the growing popularity of cryptocurrency exchanges claiming to insure user assets, many fail to cover losses due to certain risks, like falling victim to extortion—an unfortunate scenario highlighted in an Investopedia article. As many insurers provide limited coverage, users are often left piecing together various policies to safeguard their assets.
- Mix and Match Policies: Users often need diverse policies for comprehensive protection.
- Low Insurance Rates: Less than 1% of cryptocurrency assets are currently insured traditionally.
- Market Growth: The cryptocurrency market is set to expand substantially, raising the stakes for insurers.
The Future of Cryptocurrency Insurance
As the cryptocurrency market is expected to grow significantly by 2030, Evertas is well-positioned to cater to the evolving needs of investors and operators alike. Their new policy limits are designed to ease common consumer pain points, allowing seamless access to high-quality insurance coverage.
