FILE PHOTO: Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration
NEW YORK (Reuters) - London-based Arch Insurance International has authorized cryptocurrency insurer Evertas to increase the coverage limit for a single policy to $420 million for custodians or exchanges in what the U.S firm said is the highest in the industry.
The move is a big boost for a crypto sector tainted by the collapse of major market players such as FTX and should help ease concerns on hacks and thefts that have plagued the industry. Currently only 2-3% of global cryptoassets are believed to be insured, Evertas said.
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