If you’ve been following the crypto market, then you know that it’s been a rough ride. The market has seen the rise of hackers and thieves, and many people have lost their money. Now, there is finally something to protect retail investors from these bad actors.
Regulated in the United States and Canada, Crypto Shield is an insurance product that protects retail investors against potential losses when trading crypto assets online
Breach Insurance, a crypto-insurtech based in Boston which provides regulated insurance products for the cryptocurrency market, has announced the launch of Crypto Shield. We offer a retail crypto investor product that covers the theft of crypto while in the custody of qualified exchanges. The industry-first insurance product is available for use by consumers on Binance US, Coinbase, CoinList, and Gemini. A.M. Best, the largest credit rating agency specializing in assessing the insurance industry, has awarded Crypto Shield a financial strength rating of “A-” (Excellent) for its insurance carrier.
As a result of the size of the crypto market, there is a huge gap in availability of insurance for consumers and businesses alike.
Crypto Shield is an innovative, first-of-its-kind product that directly addresses this market gap. CoinList is proud to be in the launch cohort alongside other trusted exchanges like Coinbase, Gemini, and Binance US,” said Scott Keto, COO of CoinList.
Since 2011, over 60 exchange hacks have occurred, compromising over $60B in crypto. Crypto holdings of Americans recently exceeded 30M, and the adoption of the technology has resulted in a surge in hacks.The number of hacks dramatically increased in 2020, with hacks accounting for 33% of all hacks, according to a report from Atlas VPN. We developed Crypto Shield as an alternative to FDIC and SIPC protections since crypto investors don’t have access to these layers of protection.
In addition to offering crypto insurance, we offer a regulated solution that protects consumers against real financial risks.
The release of Crypto Shield is a significant milestone in Breach’s mission to create new insurance products and capacity for the crypto economy,” said Eyhab Aejaz, Breach Insurance’s CEO and co-founder.
“Eyhab’s deep roots in insurance have helped surmount uncharted crypto insurance hurdles – in full compliance with stringent regulatory frameworks. His team is unrivaled in its execution of ambitious product roadmaps – and in its keen eye towards the high standards of re/insurance partners and insurance regulators,” said Don Stalter, GCF partner and North America lead.
To bring this product to market, Breach Insurance partnered with Boost Insurance to build a fully digital experience that insures crypto assets.This first-of-its-kind product would not have been possible without Boost’s insurance infrastructure as a service (IaaS).
Boost’s Alex Maffeo, CEO and founder, said, “I am pleased to collaborate with Breach on the first crypto insurance for retail wallet holders. In addition to making insurance more convenient and accessible for end users, our goal is to assist innovative companies like Breach in developing new insurance products for underserved markets.”
Through its proprietary insurtech platform, Breach offers a fully digital insurance experience, allowing policyholders to manage their policies, make changes, and submit claims.
There is now a version of Crypto Shield available in California, Illinois, Massachusetts, Michigan, New York, New Jersey, Nevada, Pennsylvania, Texas, and Washington.
Via this site.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
