3rd June 2023 – (Chicago) Evertas, an insurance company that focuses on digital assets, has announced an expansion in coverage limits and the addition of mining operations to its portfolio. The insurer’s per-policy coverage limits on custodial crypto assets will be increased to $420 million, nearly tripling the amount of risk transfer previously available to blockchain-focused projects. Additionally, Evertas is adding coverage for mining operations up to $200 million per policy, which is reportedly the highest coverage limit available.
The policy expansions come just six months after Evertas raised $14 million in a Series A funding round led by Polychain Capital, bringing the firm’s total outside funding to $19.8 million. Evertas, based in Chicago, is one of only a few insurers focused on cryptocurrency and digital assets and reportedly the only one given official cover-holder status by Lloyd’s of London.
The move by Evertas to increase coverage limits and add new coverage for mining operations aims to address the significant exposure faced by the cryptocurrency industry. Less than 1% of all cryptocurrency assets are insured through traditionally underwritten policies, despite the global cryptocurrency market‘s expected growth by 2030.