Evertas, a cryptocurrency insurance, is now insured to cover policies worth up to $420 million, up from its prior maximum of merely $5 million, according to Reuters on Friday.
Arch Insurance International, a Lloyd’s of London syndicate member, has authorised Evertas to expand its coverage maximum for a single policy for crypto custodians and exchanges to $420 million, a huge boost for risk management in the cryptocurrency business.
Evertas, based in New York, covers cryptocurrency wallets against breaches and thefts, which frequently tarnish the industry’s reputation and impede wider adoption.
In its capacity as a “coverholder,” the firm writes crypto insurance on behalf of Arch. International insurance firms resort to coverholders for specialised expertise of complicated risks.