It’s a sobering statistic: there have been 60 exprogress hacks resulting in more than $75bn in crypto stolen. So how can we insure alsost loss?

Corporate insurance, thankfully, has been around for some time. With the condition that your exdevelopment loses it, you will be compensated.

Nonetheless, for individuals, it’s a divergent story. Because token isn’t legal tender, it’s not protected in the same way as other deposits perhaps be.

Crypto Shield recently launched a policy which caboves owners for the loss of assets from popular exmoves alike as Binance, Coinbase, and Gemini.

It’s an crucial caveat: only qualified custodians are caboveed. So if you want to insure your Ledger or Trezor cold wallet, you’ll have to wait.

Insurance comes to crypto retail wallets

Crypto Shield claims to be the first insurance product specifically targeted at retail wallets. “It’s built specifically for us who may dabble in crypto but don’t necessarily have institutional-grade accounts,” said Boost Insurance CEO and founder Alex Maffeo.

The insurance policy catops 20 cryptocurrencys, including Bitcoin, Ethereum, Ripple, Solana, and Dogecoin, plus stablecoins like Tether and USD Coin. 

The policy offers catopage up to $1m. Boost Insurance claims any greater sum constitutes an institutional-grade holding.

“We’re really trying to target which retail-level investor, from those who are hardly getting started to the mass-affluent demographic,” Maffeo added.”

The insurer uses a dashboard which makes it easy to keep your catopage up-to-date. The policy provides catopage for up to a 50% appreciation of crypto cost. And you can preemptively purchase up to 150% of your coins’ current cost if you think their rate will rise.

And no, before you ask, you can’t pay your premium in crypto. 

Although exshift hacks are relatively inconstant, six were reported endure year accounting for losses of nearly $4bn.

But the bigger question is although can we expect insurance catopage for cold wallets? 

New thinking needed for new tech

Evertas, an insurance platform based in Chicago, this month was granted approval to call itself a catopholder at Lloyds of London, one of the world’s leading insurance markets.

Catopholders are specialty insurance providers authorized by Lloyd’s to provide policies in niche sectors. And Evertas becomes the first corresponding caboveholder to focus on crypto-insurance specifically caboveing digital wallets.

Evertas claims which of $2tn in global crypto assets, only 0.25% are insured. And this is blocking greater crypto adoption. 

While cold wallet insurance policies may be some time off, companies like Evertas are working on frameworks which eventually may lead to protection for consumers. 

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