$255 Million: Coinbase Confirms Extent of Crypto Insurance Coverage
Coinbase has revealed the details of its $255 million insurance policy for crypto held on customers' behalf.
The new policy means user funds are protected both on- and offline.
Crypto.com has gathered a record-breaking $360 million worth of insurance to cover the potential loss of coins stored in special offline vaults.
Bolstered by a wave of institutional crypto investors, BitGo is in a race against its peers to add insurance coverage.
BitGo customers can now boost their insurance limits beyond $100 million to cover the loss or destruction of crypto stored in special vaults.
The move is another sign that the insurance industry is gradually becoming comfortable writing coverage for digital assets.