Bitstamp, one of many world’s largest cryptocurrency exchanges, has launched a brand new insurance coverage coverage that covers the theft and different losses of consumer funds held on its platform.
- The Europe-based trade stated the brand new insurance coverage coverage will probably be supplied by Paragon Worldwide Insurance coverage Brokers in coordination with Woodruff-Sawyer, per a Thursday blog post.
- The underwriters will consist of varied insurance coverage firms and sure syndicates from one of many world’s oldest insurance coverage markets, Lloyd’s of London.
- The coverage applies to digital property, similar to bitcoin, which might be held on the trade each on and offline, and covers various crime-related circumstances, per the publish.
- These embrace worker theft, loss whereas the property are saved at any premise, loss in transit, loss brought on by pc fraud or funds switch fraud, and losses associated to authorized charges and bills.
- Bitstamp stated 98% of all its digital property are saved offline, that are already protected by cowl from cryptocurrency custodian BitGo.
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