However,investors in cryptocurrencydon’t have the same protections.

Though newer insurers are diving in headfirst, others are merely dipping their toes to test the temperature.

And if it isn’t, can you insure it?

Here’s everything it’s crucial that you know about the new world of cryptocurrency insurance.

Read more

Is my cryptocurrency insured by the US government?

It covers all checking accounts, savings accounts, money market deposit accounts and certificates of deposit.

It currently doesn’t cover cryptocurrency.

However, the FDIC is considering it.

Insurance on deposits at brokerage accounts for the purpose of purchasing securities currently falls under theSecurities Investor Protection Corporation.

Representatives from both the SIPC and the FDIC confirmed that neither currently insures crypto assets.

That means there’s no federal protection for your cryptocurrency.

As far as the government is concerned, you’re on your own.

Does private insurance exist for cryptocurrency?

Yes, but it’s still a nascent industry, and protection is extremely limited.

Can you purchase personal crypto insurance?

As far as we can tell, there’s only one carrier that includes direct-to-consumer offerings:Breach Insurance.

Breach’s “Crypto Shield” product is the first regulated insurance product for crypto investors.

You must be a resident of one of the listed states so you can purchase a policy.

The company will expand into more states later this year, according to Breach Insurance’s CEO Eyhab Aejaz.

In other words, Breach doesn’t insure crypto stored in third-party wallets, only those in certain exchanges.

Other than Breach Insurance, we haven’t found other insurers currently selling policies to consumers.

According to O’Connell, the companyEtheriscis developing crypto wallet insurance for other insurers to cover crypto assets.

Do wallets protect your crypto assets?

Yes, but the coverage is limited.

Coincover– an insurance-backed cryptocurrency protection platform – provides protection for manywallets, includingVesto,BitGoandCivic.

However, not all wallets come with Coincover protection nor are all wallets insured.

You’ll want to check the fine print for any wallet you use to understand what protections are offered.

Do exchanges also offer crypto protection?

You might also be insured through the crypto exchange you use.

That coverage kicks in if Coinbase suffers a platform-wide cybersecurity breach.

And in the event of a platform-wide cyberattack, you still may not get all of your assets back.

Likewise,BlockFiandBitstamp, two other crypto exchanges, carry crime insurance.

BlockFi provides theft insurance through its primary custodial wallet, Gemini.

Binance.US and FTX, other popular exchanges, didn’t respond to a request for comment.

Though it has big potential, it’s not quite ripe yet.

Additionally, Coincover does not yet offer a direct-to-consumer product.