Arch Insurance International has authorized Evertas, a cryptocurrency insurer, to increase the coverage limit for a single policy to $420 million for custodians or exchanges, which is the highest in the industry. This move is expected to boost the crypto sector, which has been tainted by the collapse of major market players such as FTX, and should help ease concerns on hacks and thefts that have plagued the industry. Currently, only 2-3% of global crypto assets are believed to be insured. Evertas is a Lloyd's of London "coverholder" and only writes insurance for custodians with private keys.