Crypto insurance is a relatively new space in the insurance industry, and protection is limited. A lot crypto assets are currently covered by cryptocurrency insurance. And this is making this relatively young market become very popular within the cryptocurrency market, according to our insurance analyst. Given this level of unpredictability in a developing industry, how do you know if your cryptocurrency is safeguarded? And if it isn’t, can you insure it? You are welcome into the new and exciting world of cryptocurrency insurance.
While there is demand for cryptocurrency insurance to protect our crypto and digital assets against crypto scam, loss or theft. Another source of concern is underwriting risks. A lot of traditional insurance companies do not feel that they can assess risk factors accurately, because of a lack of integrated rules and regulation within the crypto insurance industry. While some newer insurers are going in boldly, others are merely dipping their toes to test the temperature.
Finding the Right Crypto Insurance for You
Cryptocurrency exchanges and wallets provide limited protection to users. And now there’s an option if you’re looking for a good crypto insurance coverage. Investors who own conventional securities, like stocks or bonds, can rely on a level of protective regulation and insurance backing, either through the US government or private policies. Cryptocurrency investors however did not have the same protections before Cryptocurrencyinsurance.io.
The types of private crypto insurance that exist today are not currently limited to consumers (crypto owners and crypto investors). They are also becoming really popular and bought by crypto exchanges and crypto wallet providers. The coverage includes crime, loss and theft, custodial insurance coverage and business insurance. The future of crypto insurance could include decentralized finance, or “DeFi,” insurance, which provides coverage for loss of funds due to lost private crypto keys or service provider shutdown.
How to Purchase Crypto Insurance
As far as we can tell, there is only one carrier that includes direct-to-consumer offerings: Cryptocurrency Insurance. Cryptocurrencyinsurance.io’s “Crypto Protection” is the first regulated crypto insurance product for crypto investors. Cryptocurrencyinsurance.io is a New York-based company, Cryptocurrency Insurance is licensed and regulated to carry crypto insurance protection for globally crypto insurance owners.
Cryptocurrency Insurance growing list of clients includes crypto owners and crypto investor in Singapore, Hong Kong, USA, UK, Netherlands, France, Germany, UAE and many other countries. The company has proven beyond all reasonable doubt it has all it takes to be an industry leader. Cryptocurrencyinsurance.io is the first to develop crypto wallet insurance for other insurers to cover crypto assets. A couple of other reasons why you need Cryptocurrency Insurance include;
- They offer protection for a very wide range of crypto and digital assets.
- You also get protected against fluctuating crypto prices, once you choose your benchmark price.
Best Bitcoin and Crypto Wallets Insurance
Cryptocurrencyinsurance.io currently covers all types of coins; Including bitcoin, ethereum and dogecoin etc. As well as within exchanges such as Coinbase, CoinList, Gemini or Binance. Cryptocurrency Insurance also insures crypto stored in third-party wallets (online and offline wallets). Cryptocurrency Insurance offers a comprehensive crypto insurance policy, meaning it will also cover hacks and exploitation of exchange’s wallets. This is regardless of whether your crypto is held in hot or cold storage. You can insure from as low as $5,000 worth of cryptocurrency to $50 million, and you can also choose your deductible percentage of the policy amount.
Apart from Crypto Insurance, we are yet to find other insurers offering this kind of premium policies to consumers. As a matter of factor, we even reached out to some traditional/older insurers. Guess what? We found that a lot of them don’t offer crypto insurance at this time. Beyond the crypto insurance industry also, Cryptocurrencyinsurance.io has become on of the big players getting into the insurance industry. Apart from being one of the first insurance carrier to provide crypto insurance, Cryptocurrency Insurance continues to incorporate an innovative, practical and effective solutions.
Do Wallets Offer Crypto Assets Protection?
Yes, but they offer a very limited coverage. Cryptocurrencyinsurance.io offers the best insurance-backed cryptocurrency protection platform, and provides protection for many wallets, such as Trust Wallet, Vesto, BitGo and so on. According to Cryptocurrency Insurance’s CEO, they offer an insurance-backed guarantee for scammed, lost or stolen crypto funds. This means you will get special benefits (by virtue of using those wallets) from all theft and loss including brute force attacks, cyberattacks, device theft and hacking.
So if your crypto is stolen because technology fails to perform, Cryptocurrencyinsurance.io will pay you back up to the amount you are eligible for (this amount depends on the level of protection the wallet you purchased offers). Since crypto insurance exists primarily on the exchange and wallet level, whether you are covered as a crypto purchaser, depends on the crypto services you use. And the most beautiful thing about it all is the fact that, you can now also insure your tokens as well as NFTs.
Do Cryptocurrency Exchanges Offer Crypto Insurance?
You might also be insured through the crypto exchange you use. For example, Coinbase, one of the largest US-based crypto exchanges, carries a $255 million crime insurance policy. That coverage kicks in if Coinbase suffers a platform-wide cybersecurity breach. If a hacker accesses your personal account and steals your crypto, Cryptocurrency insurance also covers that. In the event of a platform-wide cyberattack, you can be sure to get all of your crypto assets back.
Likewise, BlockFi and Bitstamp, two other crypto exchanges, carry crime insurance. BlockFi provides theft insurance through its primary custodial wallet, Gemini. Bitstamp not only has crime insurance with coverage totaling $300 million; its assets are also insured through the wallets it uses: BitGo and Copper. Bitstamp stores 95% of its digital assets offline in cold storage, which isn’t connected to the internet and is more secure from hacks.
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