crypto.com secures $120M Insurance for Customer Assets
crypto.com has announced insurance coverage for digital assets held in its Crypto.com Custody Trust. Teh policy is worth $120 million, a critically important move for the crypto exchange. Aon, a leading global insurance firm, brokered the coverage, which assesses the exchange’s risk management practices.
Crypto.com Custody trust serves North American digital asset holders and institutions. The insurance aims to protect eligible assets and customers from crime and theft. Joe Anzures, president of Crypto.com Custody Trust Company, emphasized that safety and security are core to the company’s mission. “This insurance policy reinforces our commitment to safeguarding our customers’ assets,” he said.
The coverage includes $100 million for physical loss, theft, or damage to assets in cold storage. The remaining $20 million will cover crime-related incidents or third-party theft. This plan runs until the first quarter of 2025.
while CoinLaw reports show only 22% of crypto exchanges have comprehensive insurance, this coverage is crucial. It protects against crime and cyberattacks, a major concern in the industry. Crypto exchange hack payouts reached $1.8 billion between 2022 and 2024.
Crypto.com is expanding in North America. It opened a new office in Washington D.C. and partnered with Canary Capital Group for the Canary CRO Trust,enhancing regulated CRO token exposure.
