Japan’s Mitsui Sumitomo Introduces New Bitcoin Insurance
The Japanese insurance provider, Mitsui Sumitomo has announced the launch of a new product that will cater to the domestic cryptocurrency market. The cryptocurrency revolution is opening up new markets for conventional businesses as well. The insurance industry is one such sector that can capitalize on the increasing demand. Mitsui Sumitomo, the Japanese insurance major has announced its plans to offer a new product exclusively for the cryptocurrency sector. Cryptocurrency exchange platforms around the world are under constant threat of being hacked. Many exchanges including Japan’s own Mt....
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The company said the move intends to cover all NFTs listed on the HARTi platform with no cost to the seller. As announced on Tuesday, Japanese NFT Platform HARTi and insurance group Mitsui Sumitomo (三井住友海上) will roll out nonfungible tokens, or NFTs, insurance for all digital artworks exhibited within the HARTi app. The insurance will attach to the NFT pieces on display by sellers free of charge, with HARTi responsible for the premium payments. Under the scheme, Mitsui Sumitomo will compensate owners of insured NFTs if their digital assets are compromised by unauthorized third-party access....
Mitsui Sumitomo Insurance has tailored coverage for bitcoin exchanges facing the risks of rampant cyber attacks. This sense of assurance may boost consumers’ confidence — but what else should they know about such coverage? Together with bitFlyer, Mitsui Sumitomo Insurance (MSIG) aims to provide protection to exchanges and their consumers, regardless of....
One of Japan’s largest banks is working with IBM on a series of blockchain trials. Sumitomo Mitsui Trust Bank, Limited announced today that it is exploring applications related to finance, real estate and asset custody. Sumitomo Mitsui Trust Bank is a member of the R3 blockchain consortium, having joined the group last December. Earlier this year, the bank announced that it was partnering with several institutions in Japan, including Osaka-based Kinki University, to research applications of the technology. Today’s announcement suggests that the research has spurred the bank to begin....
Sumitomo Mitsui Trust, one of the major banking institutions in Japan, will reportedly enter the cryptocurrency custody business. The company is entering a partnership with Bitbank, a Tokyo-based cryptocurrency exchange, to launch a new company that will focus on offering institutional-grade custody for digital assets and NFTs.
Sumitomo Mitsui Trust Bank to Enter Digital Custody Business
Sumitomo Mitsui Trust Bank, a major financial institution in Japan, has decided to enter the cryptocurrency custody business. The company announced that it will launch a digital assets custody....
Mitsui is reportedly planning to launch its gold-pegged stablecoin ahead of DCJPY, another major Japanese stablecoin project. Japanese trading house Mitsui is reportedly planning to issue a cryptocurrency pegged to gold, local news agency Nikkei Asia reported Friday.Called ZipangCoin (ZPG), Mitsui’s new digital currency will reportedly be issued as early as February and will be available to retail investors through cryptocurrency exchanges.The stablecoin will be linked to gold prices at yen-denominated prices by Mitsui from the London Metal Exchange, with one ZPG valued equivalent to one....