British retail and commercial bank Lloyd’s has launched an insurance policy providing coverage for cryptocurrency wallets. 

According to a report by Insurance Journal, Lloyd’s has announced an insurance policy to protect cryptocurrency held in online wallets against theft or malicious hacks. The report calls the policy “the first of its kind,” with flexible limits from as little as £1,000 (US$1,281). 

Lloyd’s explained in a statement that the policy provides dynamic coverage for crypto assets, increasing or decreasing based upon the changes in market price and providing clients total coverage for the duration of their policy.

Lloyd’s said the move into cryptocurrency is part of their goal to become the world’s most customer-centric digital insurance platform.  Matthew Greaves, an underwriter for Atrium, applauded Lloyd’s for recognizing the growing market in crypto, 

There is a growing demand for insurance that can protect cryptocurrency as it becomes increasingly popular.

He continued, 

It is a testament to Lloyd’s that the market has put together an innovative solution to mitigate these new risks and protect against theft – from physical as well as online vaults – thereby providing customers with piece of mind that their assets are safe.

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