Reuters reported on Friday that Evertas, a cryptocurrency insurer, is now insured for policies up to $420,000,000. Its previous limit was only $5 million.

London-based Arch Insurance International (a syndicate member of Lloyd’s of London) has authorized Evertas, to increase the coverage limit of a single policy covering crypto custodians, exchanges, and wallets, to $420,000,000. This is a major boost to risk management for the cryptocurrency industry.

Aon and Copper, a UK-based crypto custody firm, have signed a $500M insurance deal.

Evertas, a New York-based company, insures crypto wallets from hacks and thefts that can damage the reputation of the industry and prevent wider adoption. According to a TRM Labs report, hackers have stole around $400 million in crypto projects this year.

As a “coverholder”, the firm provides crypto insurance for Arch. This is a service that international insurance companies use to get specialized information about complex risks.

Evertas, a company that only offers insurance to custodians who have private keys, has raised 14 million dollars in funding since December. Polychain Capital, Morgan Creek Matrixport, HashKey and others contributed.

CoinDesk asked Evertas and Arch for comments, but neither responded immediately.

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Parikshit Miishra is the editor.