Digital asset exchange Crypto.com has expanded its insurance policy to cover up to $750 million worth of digital assets, providing its 10+ million users with an additional layer of security. 

AA ranked cryptocurrency exchange Coinbase, has cancelled its plans to launch its Lend product, which was designed to deliver high-interest returns on users' USDC stablecoin holdings. The change in plans follows the threat of legal action from the U.S. Securities and Exchange Commission (SEC).

CryptoCompare has partnered with Wilshire to bring to market the FT Wilshire Digital Asset Index series. The collection includes ten single asset indexes and three multi-asset indexes that aggregate the prices of digital assets from the most highly rated crypto exchanges.

Top stories in the Crypto Roundup today:

• Crypto.com Expands Insurance Policy To Cover $750m
• Coinbase Halts Launch Of Lend Product
• CryptoCompare Partners With Wilshire To Launch FT Wilshire Digital Asset Index Series
• Flipside Crypto - Alien Clocks: Out-of-This-World and Undervalued

Crypto.com Expands Insurance Policy To Cover $750m

Digital asset exchange Crypto.com has expanded its insurance policy to cover up to $750 million worth of digital assets, providing its 10+ million users with an additional layer of security. 

The new policy, which has been in effect since September 6th, is backed by Arch Underwriting, a division within Lloyd’s Syndicate 12, the exchange announced on Monday. The policy includes direct and indirect custodian coverage and applies to Crypto.com’s cold storage assets held on Ledger Vault. 

Crypto.com’s new policy is the largest in the cryptocurrency industry, exceeding the $700-million policy purchased by digital custodian BitGo earlier this year. Interestingly, many digital asset companies are looking to expand their insurance coverage to protect against physical damage and third-party theft. 

Going forward, it is probable that more deals like this will come to fruition since consumer protection standards are likely to improve as more mainstream and institutional investors look to gain exposure to cryptocurrencies.

Coinbase Halts Launch Of Lend Product

AA ranked cryptocurrency exchange Coinbase has cancelled its plans to launch its Lend product, which was designed to deliver high-interest returns on users' USDC stablecoin holdings. The change in plans follows the threat of legal action from the U.S. Securities and Exchange Commission (SEC).

Coinbase’s Lend product looked to provide users 4% interest on its USDC stablecoin, a yield that is far higher than that offered by traditional bank accounts. The decision to cancel the launch follows the mounting regulatory pressure on BlockFi and Celsius, which are facing investigations in several U.S. states. 

Coinbase revealed that it had hundreds of thousands of people signed up to its Lend waitlist, which is now discontinued. 

In a blog post, Coinbase stated: “Our goal is to create great products for our customers and to advance our mission to increase economic freedom in the world." The update went on to say: “As we continue our work to seek regulatory clarity for the crypto industry as a whole, we’ve made the difficult decision not to launch the USDC APY program announced below.”

CryptoCompare Partners With Wilshire To Launch FT Wilshire Digital Asset Index Series

CryptoCompare has partnered with Wilshire to bring to market the FT Wilshire Digital Asset Index series. These indexes are powered by our suite of leading digital asset data and consist of 10 single asset indexes and 3 multi-asset indexes, listed below:

• FT Wilshire Bitcoin Blended Price Index      
• FT Wilshire Ethereum Blended Price Index
• FT Wilshire Cardano Blended Price Index
• FT Wilshire Dogecoin Blended Price Index
• FT Wilshire Chainlink Blended Price Index
• FT Wilshire Uniswap Protocol Blended Price Index
• FT Wilshire Bitcoin Cash Blended Price Index
• FT Wilshire Uniswap Protocol Blended Price Index
• FT Wilshire Solana Blended Price Index
• FT Wilshire Litecoin Blended Price Index
• FT Wilshire Top5 Digital Assets
• FT Wilshire Top5 Digital Assets ex Bitcoin
• FT Wilshire Bitcoin & Ethereum Index

The pricing data provided by CryptoCompare will be aggregated from the top seven highest-ranked crypto exchanges, as per the latest Exchange Benchmark report. The top seven crypto exchanges (by total score) are Coinbase, Gemini, Kraken, CrossTower, Bitstamp, itBit, and Luno.

Charles Hayter, Co-Founder and CEO of CryptoCompare stated “We are seeing substantial and increasing interest in digital assets from institutional investors. Since 2014, we have worked to develop an extensive and reliable suite of market data to offer access and transparency to this rapidly growing asset class. We look forward to working closely with the Financial Times and Wilshire to provide our trusted digital asset data to build these innovative products offering institutional investors new avenues for digital asset exposure.“

Flipside Crypto - Alien Clocks: Out-of-This-World and Undervalued

This weeks insight from Flipside Crypto comes from user @Brian_Terra, who is looking at the Alien Clocks NFT collection. The Alien Clocks sold fast, with all pieces selling out within 1 minute and 46 seconds, totalling 34.1ETH. 

But how did the collection do after-market on Opensea? There were a total of 511 completed sales of 298 different pieces, totalling ~1954 ETH or $5,421,811 (at the time of purchase). But despite these lofty figures, @Brian_Terra argues these pieces are still undervalued — and with good reason.

As we can see above, the price of Alien Clocks has been fairly volatile, but with a constant upward direction. Combine that with the upward trajectory of OpenSea sales in general (seen below), and @Brian_Terra believes that Alien Clocks “is an example of an extremely underrated Playground sale on Art Blocks.”

State of the Crypto by Top Tier Exchange Volume

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