Merco Bank Acquires Digital Asset Insurance Worth up to $500m

Today, MERCO Bank, one of the new-age digital asset management banks, has secured digital asset insurance with Fins-Insurance worth over $500M which would help protect customer’s digital assets against volatility, cyber-attacks and hacks. This is one of the most comprehensive insurance protection for customers’ investments in cryptocurrencies and other digital assets held in the MERCO bank.

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

It was reported in 2020 that over $120 Million was lost to cyber theft and hacks only in the U.S. and this amount has doubled this year raising concerns among investors who do not wish to see their investments lost.

Unfortunately, things will not improve with regards to cybercrimes and hacks on digital assets especially now that digital assets investment is experiencing explosive growth. There will always be that concern for several issues such as scaling, gas fees, and worst of all theft. This issue poses a devastating effect on the growth of assets and with it, 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 assured of protection for their investments and also fundamental risk management for all digital assets held on the bank.

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

In a statement by the chief technology officer at MERCO bank Jerome Nelde, he said “we are excited about acquiring the digital assets insurance cover which will help provide an ultimate level of protection for client’s assets with MERCO bank. Our goal is to make digital asset management safe and accessible to all by providing total peace of mind for anyone who is currently investing cryptocurrency or anyone who might be on the outside looking in and just needs that extra bit of reassurance before investing. We have delivered an innovative solution that enables our client to develop and grow assets with confidence and security”

What this means for investors

The $500 million of insurance covers digital assets where the offline private keys are held 100% by MERCO bank in the event 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 with no extra cost or charges on their part. We have worked consistently for the past 2 years to ensure we bring the right solution to clients. Each client will have full capital insurance options through our third-party insurance provider Fins-Insurance.

Gruber Oman, Executive VP, General Counsel for IGM Financial Inc. commented that “it is usually elusive for most clients trying to understand how their investments are secured, under what circumstances their investments are insured and to what extent their loss would be covered. We have removed all uncertainty towards clients’ investments by being more transparent about the terms of our coverage. Transparency and accuracy are essential for building trust in the market.”

What You Don’t Know About Us

MERCO bank, unlike traditional banks, is a fully digitalized bank that is generally accessible over any smartphone, laptop, and other smart devices. We are probably the first digital bank providing maximum security for investment even in the occurrence of uncontrollable circumstances. We do not just provide security against external forces, we also ensure that internal issues, risks, and unfavorable outcomes are mitigated and managed professionally.

We have also ensured that we provide extra security for our client’s funds and investments. we have ensured that only you have complete access to your account so we authenticate each login by sending you an OTP code to your phone.

As a digital bank providing you services for your digital asset management, we have made it our number one goal to simplify your finances and upgrade your lifestyle. MERCO Bank allows you to control where, when, and how your cryptocurrencies yield interest. With MERCO, you can finally say goodbye to volatility, as the bank acts as a hedge against unexpected market outcomes or sharp declines in crypto prices.