In one notification In a blog post on January 29, Bitttrex stated that it obtained a special insurance from Lloyd's of London insurance company after working with insurance broker and adviser Marsh. Sarah Downey, Marsh's digital asset risk management team, said, “We have worked closely with Bittrex to create a suitable insurance solution to meet the demand for cryptocurrencies. their specifics. “
This is not Lloyd's first deal on cryptocurrencies, because by the end of August 2018, the company had started offering insurance to the cryptocurrency custodian Kingdom Trust. In April 2019, the company also announced coverage for hot wallets of cryptocurrency exchange Coinbase.
Insurance in the cryptocurrency industry
Bittrex received insurance after proving its internal security and compliance protocols. Bill Shihara – CEO of the exchange, explained that insurance is another layer of security above the actual security of the exchange, providing an additional commitment to its customers.
Insurance of cryptocurrency business is notoriously difficult because of the high risk management of crypto assets. Earlier this month, a CEO of Gemini Exchange told CoinTelegraph that the company had launched a separate insurance company to secure up to $ 200 million in assets for the depository solution.
A recent analysis by CoinTelegraph has shown that insurance in the cryptocurrency space is a prerequisite to attract more institutional investors. In the case of Gemini, they believe the new insurance will help the exchange meet institutional client regulatory requirements.
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According to CoinTelegraph
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