Evertas expands crypto insurance for mining and increases limits.
Evertas, an insurance company focused on digital assets, recently announced an increase in coverage limits and the addition of mining operations to its coverage portfolio.
The insurer will now provide coverage for up to $420 million in custodial crypto assets per policy, which is nearly triple the amount previously available to blockchain-focused projects, according to the company’s announcement. It is also adding coverage for mining operations up to $200 million per policy, which are reportedly the highest coverage limits available.
Related: Turns out, it’s pretty difficult to insure crypto users and platforms
These policy expansions come just six months after Evertas raised $14 million in a Series A funding round led by Polychain Capital. The company’s total outside funding now stands at $19.8 million, including its initial seed funding of $5.8 million.
- Nike NFTs to enter EA Sports games and reach millions of fans.
- ANA launches NFT marketplace.
- Pixel Penguin accused of charity rug, Epic adds new NFT games and more in Nifty News.
Evertas is a Chicago-based company and one of only a few insurers focused on cryptocurrency and digital assets. It is reportedly the only one given official cover holder status by Lloyd’s of London.
While most cryptocurrency exchanges cover losses to some extent, there are situations where account holders may lose access to their assets that cannot be traced through account or on-chain activity. This creates a significant amount of exposure, especially considering that less than 1% of all cryptocurrency assets are currently insured through traditionally underwritten policies, according to experts.
Evertas’ new policy limits are designed to ease this pain point for consumers and provide greater scalability and speed. This makes it possible to get full, high-limit underwriting from a single source, according to the company’s announcement.
The global cryptocurrency market is expected to grow significantly by 2030, and Evertas’ increased coverage limits and expanded coverage portfolio for mining operations will help meet the growing demand for insurance coverage in the cryptocurrency space.