Today we announced a dramatic expansion of crypto insurance coverage limits across multiple policy types – nearly tripling the amount of risk transfer previously available to blockchain-focused projects. This expanded capacity will advance the Web3 ecosystem by helping close the enormous crypto insurance gap, which has long been an impediment to both mass adoption and technological advancement in the space.
Filling the Crypto Insurance Gap
Here’s how our CEO J. Gdanski characterizes this news: “Currently, less than one percent of digital assets are protected by insurance, leaving the industry dangerously exposed and impeding innovation. This shortfall is a consequence of multiple deficiencies in the status quo, many of which Evertas has just solved. This dramatic increase in capacity is an unmistakable indication that the crypto space is both maturing and heading in the right direction.”
In December, we treated the Web3 world, still reeling from news of the failure of FTX, to a welcomed bit of optimism with the announcement of a successful venture financing round, some of the proceeds of which we said would be used to facilitate this significant capacity expansion. Per-policy coverage limits on custodial cryptoassets are now $420 million while limits on crypto mining hardware – a new product offering – are $200 million. These are the highest limits available.
Crypto Mining Insurance Coverage
Our President Raymond Zenkich puts it this way: “On a practical level, this expansion in capacity confers two key advantages to crypto innovators. First, they’ll benefit from greatly increased speed and simplicity as it’s now possible to get a full, high-limit underwriting from a single source. And second, they will benefit from much-needed scalability, as policy size can expand along with the needs of growing ventures without requiring additional underwritings.”
In other words, any growing crypto mining or custodial Web3 project will find that Evertas alone is able to scale to meet both their current and future insurance needs.
And, as a the only crypto insurance provider to achieve Lloyd’s of London coverholder status, Evertas has authority to offer A+ (superior) rated, regulatorily compliant risk transfer products protecting digital assets, globally.