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CHICAGO, Sept. 13, 2022 (GLOBE NEWSWIRE) — Australia and Hong Kong have been added to the growing list of countries where insurance company Evertas has the ability to write policies protecting against crypto theft or loss. -assets. Evertas previously announced crypto-asset policy writing capability in the US, Canada and the UK.

“Australia and Hong Kong have welcomed more than their fair share of blockchain innovation,” said Evertas co-founder and CEO J. Gdanski. “Some of the biggest cryptocurrency exchanges were founded in Hong Kong, and both countries have much higher than average crypto adoption. Expanding into these markets makes sense and we look forward to making changes there. business and working to close the huge coverage gap in Asia as well.

The coverage gap that Gdanski refers to is based on the fact that less than 3% of global crypto-assets would be insured. This deficit is more related to supply than demand, as the insurance capacity of crypto-assets remains a fraction of what is needed.

Evertas also announced that through recently expanded partnerships, it can offer crime and cash policies through a single underwriting. Specie is the name given to fonts covering tangible, high-value items, such as collectibles, and has been the type of font used to protect the majority of crypto-assets. The company also announced the availability of “slashing” policies, protecting the contents of custodial wallets from loss due to technology failures.

Evertas’ rapid expansion into new geographies is a result of its Lloyd’s of London coverholder status, which enables the company to offer approved and rated insurance policies backed by Lloyd’s. Evertas is the only crypto-asset insurer to have been granted coverholder status by Lloyd’s.

In 2021 alone, around $4 billion worth of cryptoassets were stolen, with a tiny fraction of those losses protected by insurance. Gdanski says wider adoption of crypto-assets is being hampered by the reluctance of large institutions to enter the market, which, in turn, is a consequence of the lack of insurance capacity protecting against what could be significant losses in the event of a breach.

About Evertas
Evertas Inc. is a Chicago-based crypto-asset insurance company focused on comprehensive crypto risk coverage for institutional holders of crypto-assets and blockchain technology, including exchanges, custodians, traditional financial institutions, funds, family offices, corporations, miners and ultra-high net worth individuals. Licensed to operate as a Class 3A insurer by the Bermuda Monetary Authority, Evertas offers the only complete crypto-asset lifecycle insurance solution; a world-leading underwriting framework, bespoke crypto-asset policy form and claims handling.

Evertas was founded in 2017 by CEO J.Gdanski and president Raymond Zenkich.

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