Boost Insurance and Breach Insurance are partnering to launch the first-ever crypto wallet insurance product. It’s called Crypto Shield and covers the theft of cryptocurrency while in the custody of a qualified custodian.
Crypto Wallet Insurance
Crypto Shield is the first crypto insurance product for consumers. If your wallet’s custodian is ever breached or suffers a social engineering attack, Crypto Shield can reimburse your lost tokens. Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.
Alex Maffeo, CEO and Founder of Boost:
Many of our insurtech and embedded partners have the deep market knowledge to identify and solve for gaps in the insurance market, but the insurance industry is often reluctant or unwilling to embrace emerging markets like crypto and traditional players lack the technology needed to support innovators like Breach. With Boost’s infrastructure-as-a-service platform, forward-thinking companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.
Crypto wallets come in two forms: custodial and non-custodial. A custodial wallet will store your crypto but you don’t have control over the private keys used to set up a wallet. These wallets are typically held by exchanges such as Coinbase Wallet or keeping your coins on Coinbase or Binance themselves.
You have more control with a non-custodial wallet, giving you control over your own money and your own private keys. These can be hardware wallets such as Ledger or Trezor, or software wallets such as Exodus. Both have their pros and cons.