Cryptocurrency insurance company Evertas is authorized to offer the largest cryptocurrency insurance policy

London-based Arch Insurance International has allowed cryptocurrency insurance company Evertas to increase the coverage limit for a single policy to $420 million for custodians or exchanges. The move is a major boost for the crypto sector after the collapse of major market players such as FTX and should help ease concerns about hacks and thefts as only 2-3% of global crypto assets are believed to be insured.

"This is the largest policy that can be approved from a single insurance company," said J Gdansky, CEO of Evertas. "Having a $200 million program is actually very important because mining operations in particular tend to have very large facilities with a lot of equipment and this size." The larger the policy, the greater the protection.