The cryptocurrency market has grown by a whopping 42 percent in the United States over just the last year alone, but many companies seem intent on adding to the technology that’s witnessed within the space. According to nobl Insurance, the big goal should not be to consistently build on the already existing technology, but to provide insurance for users to ensure they stay in the space and continue to feel comfortable enough to invest.
Nobl Insurance to the Rescue!
Cryptocurrency can be a scary arena. Despite the constant attempts to thwart hackers and malicious actors, cyberattacks continue and many people have seen their funds practically disappear overnight. Nobl CRYPTO is a new form of hot wallet insurance being offered by nobl Insurance, as so many attacks have taken place on hot wallets in the past thanks to the weaker security they employ when compared with cold wallet storage.
Customers of exchanges employing the new cryptocurrency insurance policy will be compensated up to $50,000 USD granted their funds are ever hacked or stolen.
Now, nobl Insurance has released a new report detailing several new facts regarding the cryptocurrency space and the behavior one is likely to witness within its borders. Surprisingly, roughly 50 percent of all crypto traders – approximately half – utilize hot wallet storage only for their assets, while about 39 percent utilize both hot and cold wallet storage and just ten percent utilize offline cold storage only. In addition, the crypto space was largely dominated by men during the first several years of its existence, but women now take up approximately 35 percent of the space.
Another interesting fact is that many sources have claimed millennials are the primary investors in the crypto space, but the report suggests that about 44 percent of the arena’s players are above the age of 35.
Who’s Planning to Get Involved?
CEO and co-founder of nobl Insurance Brandon Brown explains in a statement:
We started this business to fix the consumer experience and start an insurance revolution by developing new products people want. This compelling research into cryptocurrency ownership in the U.S. is rarely published, and it has opened a rich vein of insights that will help shape the sector. It has enabled us to deliver valuable insurance products to the cryptocurrency community and through our dividend reward system. They get to share in its success, too.
The report also says that approximately seven million new investors have entered the space since 2018. In addition, about 37 percent of America’s population plan on entering the crypto investing space within the next 12 months. Approximately 37 percent own over $5,000 USD in crypto assets, while just about eight percent own $50,000 or more. Lastly, about 40 percent of the crypto space is made up of investors in New York, California, Texas and Florida.