Cryptocurrency has quickly become one of the most lucrative and promising investments any individual or business can make, but some investors are still wondering if the risks outweigh the profits.
The current crypto market has reached a value equal to that of the entire Italian economy; the 8th largest economy in the world. With at least 8,000 cryptocurrencies available and 4.7 billion NFTs, 91.5 billion dollars of cryptocurrency is being traded every single day. It’s a rapidly growing market and may indeed be the future of investing.
However, the risks are certainly worth addressing as 1.5k bitcoins are lost every day due to simple things like missing keys, market drops, and crashes or corrupted files.
On top of this, the COVID pandemic has significantly increased cyber security vulnerabilities and we saw a $6+ billion dollar increase in crypto theft in the course of a single year.
These risks are certain to give pause to leery investors, but crypto insurance can help businesses make wise crypto investments under an umbrella of safety. Much like with traditional insurances, businesses can search for insurance providers, find the best premiums, and choose which kinds of insurance will meet their needs. Crypto insurance protects investors against the most common pitfalls of the cryptocurrency market.