Crypto insurance market expands with decentralized and centralized options
Crypto insurance is becoming more important as investors and crypto companies look to secure their digital assets. Insurance is key for financially securing important assets. Yet, the cryptocurrency sector — which is predicted to reach a global market size of $4.94 billion by 2030 — may be lagging behind when it comes to insuring digital assets. For instance, it’s been noted that less than 1% of all crypto investments are currently insured. This statistic is alarming, considering the rapid growth and high-risk profile associated with today’s cryptocurrency market. Ben Davis, team lead for....
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Traditional assets have been commonly protected through the use of insurance, which would soften the blow should something happen to that individual’s investment. There are now multiple options for insurance, specific to the DeFi ecosystem and projects contained in that ecosystem. Currently, only 2% of DeFi holdings are insured, which is a dangerously low amount […]
Cryptocurrency insurance is expected to be a big business: Will it be centralized or decentralized? Cryptocurrency markets have been maturing over the last few years, making demand for crypto insurance solutions larger as more advanced players dip their toes into the nascent ecosystem.Investopedia reports that cryptocurrency insurance is seen as a “big opportunity,” with a spokesman from one of the world’s largest insurers, Allianz, saying that the company has explored product and coverage options in the cryptocurrency space as it becomes “more relevant, important and prevalent on the real....
Institutional clients have shown strong demand for airtight and insured custody options. Digital asset custody firm BitGo has expanded its cold storage insurance program, raising its insurance capacity by $600 million.BitGo debuted its crypto insurance program through global insurance and reinsurance market Lloyd’s of London in 2019. This enabled BitGo clients to acquire insurance for their digital assets held on BitGo’s Business Wallet service and Custodial offering for up to $100 million.BitGo announced Wednesday that its “Dedicated Customer Excess Specie” insurance program has been....