Evertas, the world’s first dedicated digital asset insurance company, has announced a significant expansion of coverage limits across multiple policy types for blockchain-focused projects. This expansion nearly triples the amount of risk transfer previously available in the space, aiming to close the digital asset insurance gap and foster technological advancement in the Web3 ecosystem.

The CEO of Evertas, J. Gdanski, highlighted the current inadequacy of insurance coverage in the digital asset industry, with less than one percent of assets being protected. This lack of coverage has hindered innovation in the space. However, with this increased capacity, Evertas aims to indicate a maturing and positive direction for the crypto industry.

In December, Evertas announced a successful venture financing round to facilitate this capacity expansion. As a result, per-policy coverage limits have been significantly increased. Custodial cryptoassets now have a coverage limit of $420 million, while the new product offering for crypto mining hardware has a limit of $200 million. These limits are the highest available.

The expansion in capacity provides two key advantages for crypto innovators. First, they will benefit from increased speed and simplicity, as they can now obtain high-limit underwriting from a single source. Second, there is much-needed scalability, meaning policy size can expand alongside growing ventures without the need for additional underwritings.

Evertas is the only cryptoasset insurance provider to achieve the designation of a Lloyd’s of London Coverholder. This distinction allows them to offer A+ (Superior) rated, regulatorily compliant risk transfer products that protect digital assets globally.

Evertas Inc. is a Chicago-based digital asset insurance company that focuses on covering the full spectrum of crypto risks for institutional holders of cryptoassets and blockchain technology. Their client base includes exchanges, custodians, traditional financial institutions, funds, family offices, corporations, miners, and ultra-high net worth individuals. The company is licensed to operate as a Class 3A Insurer by the Bermuda Monetary Authority. Evertas provides a comprehensive crypto insurance solution with a world-leading underwriting framework, bespoke policy form, and claims handling.