New Report from nobl Insurance Examines America's Volatile But Accelerating Cryptocurrency Market, Suggests It Needs Insurance Not New Technology
- Research reveals the cryptocurrency market grew by 42% between 2018 and 2019
- 10% of cryptocurrency is held exclusively in cold storage, 50% in hot wallets and 39% both hot & cold
- Research suggests that about 25 million Americans are considering buying cryptocurrency in the coming 12 months, with around 7.5 million being women
15 Aug, 2019, 10:48 ET
DETROIT, Aug. 15, 2019 /PRNewswire/ -- nobl Insurance released its most robust and insightful research study on cryptocurrency holders in the United States, which distinguished the trends and preferences in owned digital assets as well as U.S. residents' willingness to invest over the next year.
The research was carried out in May 2019 in readiness for the new insurance company's launch of the world's first regulated hot wallet policy. nobl CRYPTO, its first product, was created to give cryptocurrency owners peace of mind in the often-turbulent marketplace and will insure individual crypto investors up to $50,000 USD in the event they are subjected to a hack on an approved exchange.
The research highlights that the cryptocurrency market is accelerating and shows no signs of slowing down. Between 2018 and 2019 the market grew by 42% and by May 2019 saw 6.72 million new owners enter the market. The research suggests that about 25 million Americans are considering buying crypto in the coming 12 months. 37% of cryptocurrency holders own over $5,000 USD of assets and a further 8 percent hold over $50,000 USD in crypto.
Cryptocurrency investors are reluctant to leave their assets out in the cold. Despite the loss of over $1 billion USD worth of cryptocurrency last year alone, the research reveals that just 10 percent keep their digital currency exclusively in offline cold storage. A further 39% use both, and a surprising 50% only use a hot wallet. Men have been the first on the uptake of cryptocurrencies, but women are now catching up at 35% percent of all owners. The report highlights that 44% of owners were over 35 years old, sitting mostly outside the millennial age group. As the movement to digital currencies expands, these stereotypes will be negated.
The report reveals a raft of ownership insights and trends, as well as the future investment habits of cryptocurrency from the top four states: New York, California, Texas, and Florida, which make up 40% of all cryptocurrency holdings in the country. It suggests what current owners and non-owners are considering buying in the next 12 months.
One of the key outcomes is that mainstream adoption will not happen without insurance. The role insurers play, alongside the innovation drivers needed, will aid global cryptocurrency adoption and the expansion of this new insurance category. The launch of nobl Insurance's new product aims to be the missing link to the global adoption of cryptocurrency and is supported by the research. A staggering 92% of all respondents, including those with just cold wallets, like the idea of hot wallet insurance; 62%of current owners, when shown the benefits of the insurance, would consider buying it.
KEY POLICY FEATURES ALSO INCLUDE:
● nobl CRYPTO will be the first regulated insurance policy that protects individual investors from $100 to $50,000 from the risk of an exchange hack.
● Policies will only be available online via the nobl website and written in plain English and can be read in minutes.
● Its technology monitors policyholders' selected exchanges and provides immediate notices when a hack has been verified.
● One policy can protect individuals on any of their approved exchanges. If an exchange is hacked and cryptocurrency is stolen, nobl will process the claim and pay out the individual.
nobl Insurance, unlike traditional insurers, wants everyone to share in its success. When a customer buys a policy, they become a shareholder in the company. Together, all the policyholders own the business. The administrative company receives a flat fee to run the business, so there is no incentive to reduce or deny claims. The goal is to share the insurance company's excess surplus on an annual basis. When a reward dividend is paid, 100%
Commenting on the research, Brandon Brown, CEO and co-founder of nobl Insurance, said: "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".
He added: "The crypto market does not need a better gaming technology or a cool widget—it needs insurance! There is not a single industry that has stood the test of time without insurance playing a key role in its successes. Real estate, manufacturing, retail, finance, lending, and the internet were all built on the idea that insurance protects investments, businesses, and people. Even better: we are doing it in a way that removes all the conflict and cost traditionally known in insurance through technology. We will change everything people ever thought about insurance, because we are changing how insurance works."
For a copy of the full report please contact [email protected]
- For the public to download the full report, please visit website www.noblinsurance.com/reg
- Visit www.noblinsurance.com
About nobl Insurance, LLC:
nobl Insurance, founded in 2017, has spent two years developing its first product. At product launch, it will become a U.S. regulated carrier based in Michigan state. nobl plans to launch their first product within the coming months and roll out access across the U.S in 2020. Other products under development are a new cheaper AI driven auto product aimed at the 225 million drivers in the United States, and a flood and crop insurance that will harness weather and satellite data to help protect the millions of people, families and farmers affected by floods, landslides and natural disasters every year. nobl is committed to creating and offering easy, simple, affordable, straight-talking insurance to everyone.
nobl Insurance, LLC, 56849 Grand River Ave, Ste 12, New Hudson, MI 48165, United States Customer Services: +1-(857)-267-6625
- For media, please contact the press office
- For the public to download the full report, please visit www.noblinsurance.com/reg
- Brandon Brown – Chief Executive Officer
- Nick Hurst – Chief Operating Officer
- Greg Wixted – Chief Innovation Officer
- Chris Fischer – Consulting Chief Technology Officer
SOURCE nobl Insurance LLC
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