Lloyd’s of London Introduces Hot Wallets Cryptocurrency Insurance Solution

The largest insurance market Lloyd's of London, together with the startup Coincover, presented a new solution forcryptocurrency insurance in hot wallets.

According to Lloyd, the solution aims to protectcryptocurrency wallets from hacking and theft of assets stored in them. The Lloyd insurance syndicate Atrium and the cryptocurrency startup Coincover participated in the development of the product. TMK and Markel provided insurance guarantees.

Minimum limit of insurance limitsis £1,000, however they can move up or down dynamically depending on the price of digital assets. This means that the insurance will always cover the value of the asset, even if its price fluctuates throughout the insurance period.

Atrium Investment Analyst Matthew Greaves(Matthew Greaves) believes that traders are increasingly in need of insurance for popular cryptocurrencies to be sure of the safety of their funds. According to Coincover CEO David Janczewski, since the beginning of the year, the cryptocurrency market has begun to “warm up”, so we should expect a “new wave” of traders and investors who were previously afraid to enter the market due to the lack of an adequate level of protection against theft and loss . Yanchevsky said the new solution will remove these barriers and expand the scale of cryptocurrency adoption.

Let us recall that in February last year, cryptoassets of BitGo clients in the amount of $100 million were insured through the Lloyd’s of London market.

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