Cryptocurrency Insurance Can Protect You Against Hacks [Infographic]

The rapid growth of cryptocurrency is  unprecedented. In January of 2022, there were 8,000 cryptocurrencies and a whopping total of 4.7 million NFTs in April of 2021. Today, 79% of international commerce value is the product of the top ten cryptocurrencies, and its influence is projected to augment.

Cryptocurrency theft is a valid concern, as schemes have risen from a total of $7.8 billion in 2020 to a mind-boggling total of $14 billion in 2021. Through a number of acquisition strategies, the security of your cryptocurrency has risen in value, and the need to secure it, in urgency.

Merely 50% of U.S. adults affirm the security of cryptocurrency. Speaking to this with optimism, and trust that crypto security will improve, Tevor Maynard, the Head of Innovation at Lloyd's says, “as more money flows into the crypto asset market, losses from hacks are on the rise. Nevertheless, crypto companies have found ways to protect their digital assets from theft”. 

Henry Ford, the late business prisoner, industrialist, and founder of Ford Motor Company once said, “The best we can do is size up the chances, calculate the risks involved, estimate our ability to deal with them, and then make our plans with confidence”. Now, with the rise of cryptocurrency insurance, there's a new way of doing so, as the new form of financial backing offers insurance for businesses, caps that cater to your investment needs and protects insured assets against the traditional theft that threatens millions of Americans.

There are three steps involved in obtaining insurance via cryptocurrency and NFTs. As with searching for traditional insurance companies, the process begins by familiarizing yourself with industry players and obtaining quotes from them. Next, your decision should be largely influenced by comparison of your coverage estimates, which will vary by provider based on your personal financial information. Then, choose a plan of protection, with fraud insurance, custody insurance, DeFi insurance, and exchange insurance being some of the innumerable umbrella options you can turn to for coverage.

Choose the future of insurance, by putting your investments in the hand of crypto insurance, and in turn, invest in the financial of you.