Evertas, an insurance company focused on digital assets, recently announced an increase in coverage limits and the addition of mining operations to its underwriting portfolio.
According to an announcement, the insurer's per-policy coverage limit for custodial crypto assets will increase to $420 million, “nearly triple the risk transfer amount previously available for blockchain projects.” It also adds mining business coverage of up to $2 00 million per policy. According to Evertas, these are the highest coverage limits available.
The policy extension comes just six months after the company raised $14 million in a Series A round led by Polychain Capital. This brings the company's total outside funding to $19.8 million, including $5.8 million in initial seed funding, according to reports. Ever tas, a chicago -based firm, is one of the few insurers focused on cryptocurrencies and digital assets and is reportedly the only insurer to receive official underwriter status from Lloyd's of London. While most cryptocurrency exchanges have recovered losses to some extent, in many cases s account holders may lose access to assets they cannot trace through their accounts or on-chain activity.
According to an article on Investopedia: “Exchanges like Binance and Coinbase claim to insure investors' digital funds against theft. But that doesn't help you if you're forced to hand over your passwords and credentials in a ransom scheme.” The same article mentions that many insurance companies do not offer comprehensive coverage, forcing customers to mix and match policies.
According to Evertas, its new policy restrictions are aimed at alleviating this consumer pain point. The company's announcement said its policies now offer greater scalability and speed, making it “now possible to obtain comprehensive, high-limit coverage from a single source.”
The cryptocurrency insurance space is relatively new compared to more traditional industries such as home and life insurance. According to experts, less than 1% of crypto assets are insured through traditional underwriting policies. This represents a substantial amount of risk exposure, especially considering that the The global cryptocurrency market is expected to grow substantially by 2030.
