As Crypto.com is increasing with over 10 million active global users, the exchange announced on Monday, 20th of September, that it has updated its policies and increased its insurance to $750 Million. Thus becoming one of the exchanges with the largest insurance.
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Arch Underwriting at Lloyd’s Syndicate 2012 was the firm that led these new policy updates that Crypto.com secured on Ledger Vault – it’s custodial partner. James Croome, one of the spokesmen of The Arch Underwriting at Lloyd’s Syndicate 2012, commented thus:
“By choosing to partner with Ledger Vault, Crypto.com was not only able to provide underwriters with the necessary confidence in their custodial security, but they were also able to obtain a policy in a much shorter time frame than is ordinarily the case.”
According to Kris Marszalek, the CEO of Crypto.com, the insurance expansion is necessary to ensure the maximum safety of users in case of any unforeseen harms like hack or technical hitch.
“We believe that security and data privacy are the foundations of achieving mainstream cryptocurrency adoption. The renewed policy from Lloyd’s will significantly expand security protection for our growing user base,” Kris said.
Asides from that, Crypto.com has been widening its scope in the last couple of months especially as it partnered with sport-related platforms like Serie A. Coinbench reported the most recent partnership of Crypto.com with Fnatic.
Read more: Patrick Yoon Becomes The New General Manager of Crypto.com In South Korea.