Evertas, an insurance company focused on digital assets, recently announced an expansion of its coverage portfolio, increasing the per-policy coverage limits on custodial crypto assets to a maximum of $420 million and adding coverage for mining operations up to $200 million per policy. These are reportedly the highest coverage limits available in the insurance space.
The policy expansions come just six months after the company raised $14 million in a Series A funding round led by Polychain Capital, bringing the total outside funding to $19.8 million, including the initial seed funding of $5.8 million. This Chicago-based company is one of only a handful of insurers focused on cryptocurrency and digital assets and, reportedly, the only one given official cover holder status by Lloyd’s of London.
While most cryptocurrency exchanges cover losses to some degree, there are situations where account holders could lose access to their assets that can’t be tracked through account or on-chain activity. This is why insurers often fail to provide comprehensive coverage, forcing customers to mix and match policies. With Evertas’ higher coverage limits, it is now possible to get a full, high-limit underwriting from a single source.
It is estimated that less than 1% of all cryptocurrency assets are insured through traditionally underwritten policies. However, this is expected to change in the future, as the global cryptocurrency market is predicted to grow significantly by 2030.
