Coinbase Publicly Announces It's Holding Insurance Against Theft/Loss of Bitcoins
San Francisco-based Coinbase has published an interesting blog post on Wednesday, which essentially serves a means of comforting its users. In short: the company announced that it holds insurance against both theft and loss of the bitcoin they hold - much of which belongs to its over one million users. Interestingly enough, however, they say that they have been insured since November of 2013, adding that "given the recent claims of insurance in the industry," felt it appropriate to inform its user base. They write: Coinbase is insured against theft and hacking in an amount that exceeds the....
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In a surprise post on Coinbase's blog today, Coinbase revealed that they have "been insured for almost a year." Coinbase insurance was secured through worldwide insurance broker, Aon. Aon has over 60,000 colleagues worldwide and provides services for clients in over 120 countries. That Coinbase is securing insurance from a potentially worldwide network of underwriters is no small fact to look over. Coinbase's insurance policy "covers losses due to breaches in physical or cyber security and employee theft." Pointedly, Coinbase insurance does not help any individuals that lose their bitcoins....
CoinDesk has reached out to Coinbase for clarification on whether the company's policy excludes bitcoin held in cold storage (offline wallets). Coinbase has revealed that its users' online wallets are being insured through top broker Aon. The news came in a surprise blog post in which the company announced it has been insured against the theft or loss of bitcoin since November 2013, stressing that its users are not being charged for the cover. The wallet and merchant services provider said it teamed up with Aon, one of the world's largest insurance brokers, to further protect its users'....
Deventer-based CoverYou has become the first European insurer to accept Bitcoins, making it possible for the users to pay their premiums for insurance coverages for smartphones, tablets and laptops using the digital currency. The payments will be processed directly on the company's website and owners of the aforementioned gadgets will be reimbursed for financial loss resulting from exposure to water, broken screens and theft. In a press release by the company on April 15, CoverYou.nl's Online Strategy Consultant Ewoud Uphof said, "Paying by using Bitcoins stands for innovation and with....
BitGo, a leader in Bitcoin security, announced Tuesday it had secured first-of-its-kind insurance coverage for bitcoin theft from the global, A-rated XL Group insurance companies. With this announcement, BitGo joins the list of industry leaders including Xapo and Coinbase that offer insurance for bitcoin stored using their services. All of BitGo's paying customers are eligible for protection under the XL policy for up to $250,000 in covered theft claims, just by signing up for BitGo services. Customers can increase the amount of protection available to them for an annual fee. "We are proud....
Crypto needs insurance too. Digital asset exchange Bitstamp has beefed up its insurance measures to combat the inherent uncertainties associated with the crypto space."The policy covers an array of crime-related cases, such as employee theft, loss while the assets are stored at any premises, loss in transit, loss caused by computer fraud or funds transfer fraud, and loss related to legal fees and expenses," an Oct. 15 statement from Bitstamp detailed with regard to the firm's updated insurance measures. Cryptocurrency offers added freedom when compared to traditional finance, allowing....