Cryptocurrency Insurance Coverage

So you’ve made the investment into cryptocurrency. Congrats! Now the question is “how do you keep it safe?”

Let’s be honest, since it’s a digital product it’s almost impossible to keep it form getting hacked. But there are something you can do to keep it away from hackers. 

You could go the route or Satoshi Nakamoto and keep it in a paper wallet. For those unfamiliar, Satoshi Nakamoto is the name used by the annoymous created of Bitcoin and a paper wallet just means a storage device that is not connected to the internet. But that adds layers to the liquidity of your coins.

Another option is to keep it in a hot wallet and have backups and multi-signatures. But keeps them accessible to would-be thieves. 

So why not just get insurance on your coins. Cryptocurreny is an asset just like a house or stocks so surely there are insurance products to protect you incase of something, right?

Not exactly! Not yet at least.

There is one company that has taken a dive into the crypto insurance pool and that’s Lloyds of London’s syndicate Atrium.

Lloyd’s of London launched a new product that increases and decreases as the value of your crypto changes. The insurance policy covers hot wallets against theft or other malicious hacks.

According to Matthew Greaves, and underwriter with Atrium, “There is a growing demand for insurance that can protect cryptocurrency as it becomes increasingly popular.”

So it sounds like this is the first of many products to come as cryotocurrency is here to stay. 

Thank you for reading!