Vanasek Insurance Partners with Breach Insurance to Offer Cryptocurrency Protection
CHICO, CALIFORNIA (MAY 5, 2022) — Chico-based insurance agency, Vanasek Insurance, today announced its partnership with a crypto insurtech providing regulated insurance products for the crypto market, Breach Insurance, making the firm the first to offer its customers an elevated level of crypto protection.
As the world continues its rapid shift into cryptocurrency, concerns about how to protect those investments remain top of mind for both hobby investors and major portfolio holders. In partnering with Breach Insurance, Vanasek Insurance will be able to bring protection to the market at a time when there has been no greater risk for people who trade digital currencies.
Breach Insurance’s industry-first insurance product, Crypto Shield, is available for over 20 cryptocurrencies to consumers using Binance US, Coinbase, CoinList, and Gemini. The product is backed by a premier insurance carrier that has earned a financial strength rating of “A-” (Excellent) from A.M. Best, the largest credit rating agency specializing in assessing the insurance industry and reinsured by a global crypto insurance industry leader.
“For the last decade we have positioned our firm as the premier expert in cybersecurity insurance, so naturally we were early to market in working with insurance carriers developing products to protect crypto investors,” said Antonette Vanasek, Founder and CEO of Vanasek Insurance. “Even as crypto investment becomes more popular, it is still uncharted territory and a lot can go wrong in an instant. It only takes a few clicks for a thief or a hacker to make an unprotected wallet – and your entire investment – completely disappear. We are thrilled to bring this important protection to the market at a time where there has been no greater risk for people who trade digital currencies.”
“We are proud to offer consumers a regulated crypto insurance solution that protects policyholders from real financial risks. We’re on a mission to educate investors about how to protect themselves and their assets in the crypto economy, and the release of this kind of insurance product is a major milestone in establishing digital currency in our society,” Vanasek continues. “Crypto insurance eliminates a lot of the worries people have about digital investments so they can rest easy knowing their investments are protected.”
Vanasek adds that crypto insurance is critical for those looking to begin trading on the crypto market. “No digital wallet is safe without it,” she said.
The number of Americans who own crypto recently exceeded 30M and the increased adoption of the technology has led to a surge in hacks. Since 2011, over 60 exchange hacks occurred, compromising over $60B in crypto to date. According to a report from Atlas VPN, $3.8B in crypto was stolen in 2020, and the frequency of hacks has increased dramatically, with 2020 accounting for 33% of hacks all-time. This insurtech was developed to provide consumers with an alternative to FDIC and SIPC coverages, as these protection layers are unavailable for crypto investors.
“We’re thrilled to be partnering with Vanasek as one of the first insurance agencies to provide their customers with the protection of their crypto. It is crucial for consumers to be covered in the event of exchange hacks, as crypto adoption increases rapidly,” said Luis Santiago, Head of Growth at Breach Insurance. “Our Crypto Shield product is purpose-built to give crypto holders the confidence to finally leave their crypto within an exchange, knowing that their crypto is protected by a regulated and reinsurance-backed product. We look forward to continuing to provide our products to Vanasek and distributors alike.”
Vanasek adds that crypto insurance is critical for those looking to begin trading on the crypto market.
“No digital wallet is safe without it,” she said.