Crypto.com has secured a $100 million direct insurance policy provided by Arch Underwriting at Lloyd'due south Syndicate 2022.

Per a May 11 announcement, the new policy brings Crypto.com'south full coverage to $360 million — with the firm claiming to now accept the largest insurance coverage within the entire cryptocurrency sector.

With Crypto.com also reporting that its userbase has doubled over six months to tag $2 million, Cointelegraph spoke with the firm's chief executive, Kris Marszalek, to observe out more virtually the firm's new coverage and spike in users.

Crypto.com secures $100 meg direct coverage

Marszalek stated that the new $100 million policy is the largest direct policy secured by Crypto.com, noting that other coverage has come up "indirectly via our custodial partner Ledger Vault."

"The insurance policy covers loss attributable to various events such every bit concrete damage or destruction (including natural disasters), third-party theft and more than, against the cold storage assets on custodial partner Ledger Vault," he stated, adding that Crypto.com "were able to ensure the coverage terms suit our specific needs."

When asked whether insurers were hesitant to work with a crypto firm, Marszalek stated:

"The insurance industry is still very new to the crypto space, and between the rare players which attempt to encompass crypto assets, the requirements imposed on the insured companies are oftentimes college than those on traditional companies due the limited understanding of the technology and perceived higher risk of crypto assets."

"For Crypto.com, the whole process took over 6 months and involved enhanced due diligence exercise on the entire company processes, and in particular on the storage and access of our multisig hardware signing devices and physical back-up keys."

Transaction volumes spike

Crypto.com also announced that it has surpassed the 2 million customer milestone — with its user base doubling in half a year despite the coronavirus pandemic.

"In Q1 2022 we saw a tape-breaking quarter with new users and trading volume. From the Autumn of 2022 to Bound of 2022, we doubled our user base from ane million to ii million in nether six months and saw transaction volumes triple between December and April," Marszalek said.

"We definitely saw spikes right after the proclamation of stimulus packages by the U.S. government. The growing distrust of the budgetary policy over quantitative easing turned out to be the perfect build-upward for this month's Bitcoin halving and for the past two weeks nosotros've seen a significant increase of new users."

Marszalek said that Crypto.com'due south debit carte is the most popular product among new users, noting significant interest from European users after launching in the region.

"We are merely around the corner from rolling out MCO Visa Bill of fare across Europe, where our team has successfully built momentum, especially for markets where localization is necessary," he said.

"The Crypto.com App has reached height 50 in the Finance category in the U.1000., France, Italy and Espana — markets where our team has spent hard piece of work launching local communities and doubling attempt on local language support," he added.