Cryptocurrency insurance specialist Evertas has announced that the cap on its contracts covering deposits has been raised to $420 million per policy. As the industry expresses more and more needs for this type of protection, this news could prove encouraging for the future developments of the ecosystem.
Evertas offers the largest cryptocurrency insurance in the world
Nowadays, insurance in the cryptocurrency industry is always a tricky subject. Indeed, the famous professional liability insurance (Rc Pro) is, for example, the major challenge for obtaining approval as a digital asset service provider (PSAN).
If there is still a very long way to go before being able to 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 insurer Evertas shows at least improvements in this direction, after the coverage limit for its insurance policies regarding cryptocurrency deposits was raised to $420 million per contract.
In addition, a new type of contract is emerging, and concerns mining equipment. These policies are capped at $200 million.
👉 To go further — What is decentralized insurance?
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An industry still uncertain
If this novelty 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 hampering innovation. This shortfall is the consequence of multiple gaps in the status quo, most of which have just been resolved 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 stem from a partnership with Arch Insurance, member of Lloyd’s of London insurance syndicate. This therefore makes Evertas the first Lloyd’s crypto insurance broker.
Beyond such “classic” solutions, retail investors also have the option of subscribing to decentralized insurance to cover their various activities on the Web3 ecosystem.
For that, there are services such as Nexus Mutual or InsurAce for example, but again, this part of the industry is still in its infancy. Indeed, 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 — United States: finally a clear differentiation between security and commodity for DeFi tokens?
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Source: Evertas
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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