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Insurance Giant Lloyd’s Backs Cryptocurrency Hot Wallet Insurance Scheme From Coincover
Summary: Lloyd’s of London, the insurance giant, is backing a new policy that will keep cryptocurrency held in online wallets safe from theft by hack. Offered by Coincover, a crypto "lifestyle" service provider, the insurance is underwritten by Lloyd's insurance syndicate Atrium, Coincover revealed on Sunday. The liability policy is reportedly a new type of insurance ...
Lloyd’s of London, the insurance giant, is backing a new policy that will keep cryptocurrency held in online wallets safe from theft by hack.
Offered by Coincover, a crypto "lifestyle" service provider, the insurance is underwritten by Lloyd's insurance syndicate Atrium, Coincover revealed on Sunday. The liability policy is reportedly a new type of insurance with a dynamic limit that can increase or decrease in line with how the price changes of covered crypto assets.
Offering coverage with limits starting from £1,000 (US$1,280), the policy was created to safeguard investors and traders from losses arising from the theft of crypto held in online, or "hot," wallets.
By Janelle Fox
Tags: Cryptocurrency,hot wallet,insruance,Lloyd's of London
Link: Insurance Giant Lloyd’s Backs Cryptocurrency Hot Wallet Insurance Scheme From Coincover [Copy]
