Cryptocurrency insurer Evertas is now insured to cover policies of up to $420 million from its previous limit of just $5 million, Reuters reported on Friday.

London-based Arch Insurance International, a syndicate member of Lloyd's of London, has authorized Evertas to increase its coverage limit for a single policy for crypto custodians and exchanges to $420 million in a significant boost for risk management in the cryptocurrency industry.

Crypto Insurance Firm Raises $14M Despite Bear Market

05:07

Could Chainlink Be the Driver for DeFi’s Growth? Bank of America Thinks So

07:12

Should Government Be in the Business of Issuing Stablecoin Insurance?

07:57

You Can Soon Pay for Car Insurance With Bitcoin

New York-based Evertas insures crypto wallets against hacks and thefts which often blight the industry's reputation and hinder wider adoption. Hackers have stolen around $400 million from crypto projects so far this year, according to a report by blockchain intelligence firm TRM Labs.

The firm writes crypto insurance on behalf of Arch in its role as a "coverholder," which international insurance firms turn to for specialized knowledge of complex risks.

Evertas, which only writes insurance for custodians with private keys, raised $14 million in funding last December, led by Polychain Capital and including contributions from Morgan Creek Matrixport and HashKey among others.

Neither Evertas nor Arch immediately responded to CoinDesk's request for comment.

Edited by Parikshit Mishra.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Consensus

17

18

47

38

Crypto Insurer Evertas’ Coverage Limit Increased to $420M: Reuters

London-based Arch Insurance International, a syndicate member of Lloyd's of London, has authorized Evertas to increase its coverage limit for a single policy for crypto custodians and exchanges

Crypto Insurance Firm Raises $14M Despite Bear Market

10 Years of Decentralizing the Future

Crypto Insurance Firm Raises $14M Despite Bear Market