Evertas offers the largest cryptocurrency insurance in the world
Nowadays, insurance in the cryptocurrency industry is always a difficult topic. In fact, the famous professional liability insurance (Rc Pro), for example, is the major challenge to obtain approval as a digital asset service provider (PSAN).
If there is still a long way to go before you can insure cryptocurrencies as easily as a vehicle or real estate, mentalities tend to evolve as digital assets make their way into traditional finance.
The latest announcement from crypto insurance company Evertas shows at least improvements in this direction after the coverage limit of its insurance policies regarding cryptocurrency deposits was raised to $420 million per contract.
In addition, a new type of contract appears, which relates to mining equipment. These policies are limited to $200 million.
👉 To go further — What is decentralized insurance?
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An industry that is still uncertain
If this news as such can be seen as an isolated act, it could nevertheless pave the way for greater development of insurance in cryptocurrencies.
J. Gdanski, founder and CEO of Evertas, estimates that less than 1% of digital assets are insured today:
“Currently, less than 1% of digital assets are protected by insurance, leaving the industry dangerously exposed and inhibiting innovation. This deficiency is the consequence of several gaps in the status quo, most of which have just been addressed by Evertas. This dramatic increase in capacity is an unmistakable indication that the crypto space is both maturing and moving in the right direction. »
These guarantees originates from a collaboration with Arch Insurance, a member of the Lloyd’s of London insurance syndicate. This therefore makes Evertas the first Lloyd’s crypto insurance broker.
In addition to such “classic” solutions, retail investors also have the option of taking out decentralized insurance to cover their various activities on the Web3 ecosystem.
Before that, there are services such as Nexus Mutual or InsurAce, but again, this part of the industry is still in its infancy. In fact, according to data from DefiLlama, the decentralized insurance sector weighs only 346 million dollars, which shows that a huge margin of progress is still possible.
👉 Also in the news — US: finally a clear distinction between security and commodity for DeFi tokens?
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