Crypto.com Scores Massive $120M Insurance for U.S. Custody Assets!

Holy digital assets, Batman! Crypto.com just locked down a whopping $120 million in insurance for the goodies stashed in their U.S.-based Crypto.com Custody Trust. Talk about playing it safe in the wild west of crypto!

And get this, they didn't just pull it out of a hat. They teamed up with Aon, those London insurance wizards, who put Crypto.com through the wringer with Lloyd’s of London underwriters to make sure their risk management is tighter than a drum.

So, what's the deal with Crypto.com Custody Trust? It's their slick solution for North American digital asset holders and institutions to keep their crypto safe and sound. And this insurance? It's all about shielding those assets from the baddies out there trying to pull off crimes and thefts.

Joe Anzures, the prez of Crypto.com Custody Trust Company, dropped some truth bombs: “We built Crypto.com on a foundation of safety and security. Our insurance policy arranged by Aon for assets within Crypto.com Custody Trust Company is the latest example of our efforts to safeguard our customers and provide a best-in-class offering our clients can be reassured by.” You heard it straight from the horse's mouth, folks!

Here's the scoop on the coverage: it’s locked in through the first quarter of 2025. And the breakdown? A cool $100 million is earmarked for any physical loss, theft, or damage to those customer assets chilling in cold storage. The other $20 million? That's for any crime-related shenanigans or third-party thefts that might pop up.

Crypto.com’s Expansion: No Stopping Them!

Hold onto your hats, because CoinLaw just dropped a report saying only 22% of exchanges have this kind of comprehensive crypto insurance by 2025. And guess what? A whopping 74% of those insured exchanges are all about that crime and cyberattack protection, laser-focused on keeping the hackers at bay.

And check this out: between 2022 and 2024, insurance claims payouts for crypto exchange hacks hit a mind-blowing $1.8 billion. That's a lot of zeros, people!

But Crypto.com isn’t slowing down. They’ve just opened a shiny new office in Washington D.C., riding the wave of a friendlier U.S. regulatory scene. They're one of the lucky ones, with the Securities and Exchange Commission wrapping up their investigation against them amidst a flurry of closures.

And if that wasn’t enough, Crypto.com teamed up with Canary Capital Group to roll out the Canary CRO Trust. It's a hot new investment product giving folks a regulated way to dip their toes into the Cronos (CRO) token pool. Crypto.com is on fire, folks, and they're not stopping anytime soon!