More insurers are offering coverage to cryptocurrency companies, hoping to profit from the industry’s rapid growth
After years on the sidelines, the insurance industry is increasingly embracing the digital assets sector.
The shift comes as the crypto market saw another wave of turmoil in recent weeks, a reminder of the highly volatile nature of an industry that still lacks significant oversight and investor protections.
Gemini said it offers $300 million in insurance for assets it holds on behalf of clients, covering theft, security breaches and fraudulent transfers, a spokeswoman said. The exchange, which worked with insurance broker New York-based Parametrix began tailoring its products to the crypto industry earlier this year, providing insurance to help crypto firms mitigate the financial risks during cloud outages. Demand for cloud insurance has grown among crypto exchanges after traders and investors filed several lawsuits seeking millions of dollars in damages related to outages.
Still, it is beneficial for a crypto firm to have a D&O insurance policy, as it is useful for attracting new directors and officers to the company, he said.
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