Can You Insure Crypto? Best Crypto Insurance Policy for Cryptocurrency
Posted: Mar 05, 2022
Can you insure cryptocurrency? Yes, you can insure cryptocurrency. Crypto Insurance protects a crypto owner’s digital assets and is very essential for crypto owners and investors.
This article will cover the main crypto insurance coverage for cryptocurrency, digital assets insurance, and suggest other policies that are suitable for this business. Cryptocurrencyinsurance.io has launched as the first-of-its-kind crypto, digital assets, and wallet insurance. Cryptocurrencyinsurance.io now provides a platform to develop the only crypto-insurance product available to individual wallet holders.
Personal Crypto Insurance
Individual cryptocurrency owners worried that their digital wallets are easily susceptible to electronic pick-pocketers can now take solace knowing that they can insure their coins with a few keystrokes and clicks of the mouse. Digital insurance infrastructure firm Cryptocurrency Insurance has launched Crypto Protection, which covers the theft of cryptocurrencies while in the custody of a custodian such as Coinbase and Binance. the US. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed up to the value of their policy.
How Crypto Insurance Works
Although commercial insurance is available for institutions that hold cryptocurrencies, cryptocurrency insurance policies haven't been available to individual crypto owners, also known as retail wallet holders. Crypto Shield, however, is the first insurance product for individual wallet holders.
"It's built specifically for us who may dabble in crypto but don't necessarily have institutional-grade accounts," said Cryptocurrencyinsurance.io CEO and founder in an interview with ZDNet.
Best Crypto Insurance
Cryptocurrencyinsurance.io covers all cryptocurrencies; including Bitcoin, Ethereum, Ripple, Tether, Solana, Dogecoin, and stablecoins such as USD Coin, and coverage is up to $25 million in cryptocurrency holdings. "We're really trying to target that retail-level investor, from those who are just getting started to the mass-affluent demographic," Peterson said, adding that anything above $25 million begins an institutional-grade-level holding that presents a different risks profile.
Like any other insurance policy, you pay a fraction of the total value of your asset up to $1 million. So, for example, if you own one Bitcoin, which is priced at $43,620 as of February 16, you will pay Crypto Shield $89.80 a month for the value of that Bitcoin. A policy for a digital wallet holding 20 Ethereum coins, currently valued at $61,200, will cost $126.13 a month to insure, based on Ethereum's price of $3,060 a coin.
"We anticipate seeing people insuring their entire wallet up to $1 million, so you'll pay some small percentage of your total wallet's value in order to make sure that it's protected forever," Peterson said. Get your cryptocurrency insured today with: www.cryptocurrencyinsurance.io
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