World’s Largest Insurance Market Announces Coincover Startup – Lloyds of London insurance syndicate unveiled a solution for cryptocurrency wallets together with Coincover startup. Users can get protection against theft and malicious hacking, as well as flexible insurance limits with a minimum limit of £ 1,000.
The company added that the limits change along with the prices of digital money. This is necessary so that the insured amount always covers the value of the asset, even if during the agreement it rises in price.
“Cryptocurrency companies have found ways to protect their digital money from theft and to insure losses that they cannot prevent themselves” – said Trevor Maynard, head of innovation at Lloyds.
Earlier it became known that criminals stole $ 4.3 billion in cryptocurrency in 2019. The most popular way to steal funds was the financial pyramid scheme. Fraudsters passed them off as investment opportunities. PlusToken platform turned out to be one of such schemes; it raised over $ 2 billion.