Merco Bank acquires digital asset insurance worth up to $500 million

Today, MERCO Bank, one of the new age digital asset management banks, has secured digital asset insurance with Fins-Insurance worth over $500 million that would help protect customers’ digital assets against volatility, cyber attacks and hackers. This is one of the most comprehensive insurance protections for clients’ investments in cryptocurrencies and other digital assets held at MERCO bank.

We know that the world has now gone digital and the future of finance and other assets is now decentralized, which has opened the way for various cyber and online threats. This is why MERCO Bank has provided its clients with a smart way to protect their investments.

In 2020 it was reported that more than $120 million was lost to cyber theft and hacking in the US alone and this amount has doubled this year, raising concern among investors who do not want to lose their investments.

Unfortunately, things will not get better with regards to cybercrimes and attacks on digital assets, especially now that investment in digital assets is experiencing explosive growth. There will always be that worry about various issues like scale, gas fees, and worst of all, theft. This problem has a devastating effect on asset growth and, with it, on disgruntled investors.

MERCO Bank is stepping up its game especially in the fight against cyber attacks on digital assets. With this insurance coverage, investors are ensured the protection of their investments and also the management of fundamental risks for all digital assets held in the bank.

Without good insurance coverage, many investors will have to adjust to a lower risk tolerance, thus accepting a more conservative return. MERCO Bank’s digital asset insurance allows investors to protect their digital assets, such as cryptocurrencies, without the need for a traditional bank.

In a statement MERCO bank CTO Jerome Nelde said: “We are excited about acquiring digital asset insurance coverage which will help provide a maximum level of protection for customer assets with MERCO bank. Our goal is to make digital asset management safe and accessible for everyone by providing complete peace of mind to anyone who is currently investing in cryptocurrencies or anyone who may be on the outside looking in and just needs a little more peace of mind before investing. We have delivered an innovative solution that allows our client to develop and grow assets with confidence and security”

What this means for investors

The $500 million of the insurance covers the digital assets where the offline private keys are 100% protected by the MERCO bank in case of:

Third party hacks or theft of private keys

Physical loss or damage of private keys

Our client’s digital assets will be fully insured at no additional cost or charge from you. We have been constantly working for the past 2 years to ensure that we provide the right solution to customers. Each client will have full capital insurance options through our third party insurance provider Fins-Insurance.

Gruber Oman, Executive Vice President and General Counsel of IGM Financial Inc. commented, “It is generally difficult for most clients to understand how their investments are insured, under what circumstances their investments are insured and to what extent their losses would be covered. We have removed all uncertainty about clients’ investments by being more transparent about the terms of our coverage. Transparency and accuracy are essential to build trust in the market.”

What you don’t know about us

MERCO Bank, unlike traditional banks, is a fully digitized bank that can generally be accessed from any smartphone, laptop, and other smart devices. We are probably the first digital bank that provides maximum investment security even in the event of uncontrollable circumstances. We not only provide security against external forces, we also ensure that internal issues, risks, and unfavorable outcomes are professionally mitigated and managed.

We have also made sure to provide additional security for our clients’ funds and investments. We’ve made sure that only you have full access to your account, so we authenticate every login by sending an OTP code to your phone.

As a digital bank that provides you with services for the management of your digital assets, our number one goal is to simplify your finances and improve your lifestyle. MERCO Bank allows you to control where, when and how your cryptocurrencies generate interest. With MERCO, you can finally say goodbye to volatility, as the bank acts as a hedge against unexpected market outcomes or sharp drops in cryptocurrency prices.

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