Game Changer for Crypto Insurance

Evertas is shaking up the insurance world for digital assets. With a recent announcement, this Chicago-based company is significantly increasing its policy limits for custodial crypto assets. How much, you ask? Well, brace yourself – the new coverage limit is a jaw-dropping $420 million! This nearly triples the risk transfer available for blockchain projects and marks a monumental step in the realm of crypto insurance.

Mining Operations Now Covered

But wait; there’s more! Evertas isn’t stopping at just higher limits. They’re also adding mining operations to their list of covered assets, providing up to $200 million per policy. This move addresses a critical gap in the market, offering coverage where few dare to tread. As Evertas pointed out, these limits are the highest currently available – it’s like throwing a lifebuoy into a hurricane!

Funding and Growth Insights

This expansion comes on the heels of Evertas’s successful $14 million Series A funding round led by Polychain Capital, bringing their total funding to a healthy $19.8 million. With an initial seed funding of $5.8 million, Evertas is clearly on a growth trajectory. The influx of cash means they can further enhance their offerings and provide robust coverage to an increasingly hungry market.

The Unique Position of Evertas

Evertas is certainly not swimming in an overcrowded pool. In fact, they are one of the very few insurers solely dedicated to cryptocurrency and digital assets. Adding to their accolades, they are reportedly the only insurance provider with official cover holder status from Lloyd’s of London. That’s right, your digital assets are getting the royal treatment!

The State of Crypto Insurance

An article on Investopedia highlights that while exchanges like Binance and Coinbase tout insurance for digital funds, this coverage can falter in numerous unfortunate scenarios, such as extortion schemes. Let’s be real: you don’t want to find out your ‘insurance’ doesn’t actually cover your assets when you need it most.

Conclusion: A Bright Future for Crypto Insurance

As cryptocurrency continues to infiltrate everyday life and grow exponentially, the need for comprehensive insurance becomes increasingly pressing. Currently, it’s estimated that less than 1% of cryptocurrency assets are insured in traditional markets. But with pioneers like Evertas leading the charge, the landscape is primed for change. If you’re in the crypto game, this is definitely news you’ll want to keep an eye on!