Tashatuvango Crypto Insurance Market to Get Boost in Coming Years

Crypto Insurance Market to Get Boost in Coming Years


Around a decade ago, something called crypto insurance would have drawn puzzlement from everyone. The creation of crypto exchanges made it possible for millions of people all over the world to buy crypto tokens with ease.

Key Analysis

However, the creation of exchanges also drew the attention of hackers, who have, over the years, made away with billions of dollars worth of cryptocurrencies. It is something that has dogged crypto exchanges for many years, and it seems that some of the world’s biggest insurers have finally come up with a solution. It has emerged that Aon and the legendary insurance firm Lloyd’s of London are all set to enter the crypto insurance market.

The cryptocurrency market is currently valued at $300 billion, and its value is only expected to rise in the years to come. Hence, crypto insurance is an idea whose time has come. Lloyd’s of London is a company worth $45 billion and remains the biggest insurance broker in the world. It connects clients to insurers. In 2019 alone, Lloyd’s brokered the $255 million insurance value for crypto exchange giant Coinbase and also the $100 million policy that belonged to BitGo. Aon, the second-biggest insurance broker in the world and rival of Lloyd’s, was also part of the Coinbase deal.

>> Which Cryptocurrencies Will Survive the Next Decade?

Over the years, cryptocurrency exchanges have become increasingly vulnerable to attacks from hackers, and to date, as much as $460 million worth of crypto tokens have been stolen. Binance, the world’s biggest crypto exchange by trading volume, was a victim of a hacking attack earlier in 2019 and lost $40 million. It is important to note that Binance is well known for being one of the most secure platforms and the hack on the platform created a lot of panic in the crypto space. However, the insurance companies are raking it in as the crypto space keeps growing. An expert stated that crypto insurance pays out anything between $200 million and $500 million in premiums to the various insurance companies.

READ  Telegram Investors Stick With TON Plans Despite SEC Injuction

Featured image: DepositPhotos © tashatuvango


If You Liked This Article Click To Share

Source link

Spread the love
  • Pinit fg en rect gray 20 Crypto Insurance Market to Get Boost in Coming Years

Related Posts

Telegram 1 Telegram Developers Jump to TON 8217 s Defense in SEC Case

Telegram Developers Jump to TON’s Defense in SEC Case

    A group of Telegram Open Network (TON) developers, calling themselves “The TON CommunityRead More

Spread the love
LibraFB 1 Libra Exec Boasts Project 8217 s Benefits Over Bitcoin at CES 2020

Libra Exec Boasts Project’s Benefits Over Bitcoin at CES 2020

The vice-chairman of the Libra Association has been touting the benefits of the project over Bitcoin at the Consumer Electronics Show (CES) in Las Vegas. Dante Disparte, the vice-chairman of the non-profit organization overseeing the proposed digital currency led by Facebook (NASDAQ:FB), was spe

Spread the love
Sdecoret Grayscale Files to Become First SEC Reporting Crypto Fund

Grayscale Files to Become First SEC Reporting Crypto Fund

Grayscale Bitcoin Trust is trading higher by 3% after it filed Form 10 with theRead More

Spread the love

Leave a Reply