Bitstamp Adds Crypto Crime Insurance for Assets Held Online
The new policy means user funds are protected both on- and offline.
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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....
Organisations looking to minimize the risks associated with bitcoin can now obtain virtual currency insurance coverage courtesy of Great American Insurance Group. The company's crime policies currently do not cover what it calls "virtual peer-to-peer mediums of exchange". As such, a new form of protective coverage has been made available through its Fidelity/Crime Division to both commercial and government policyholders. Great American explained its decision, stating: "Standard crime insurance policies, including Great American's crime policy, currently do not automatically provide....
They did say that 2014 was the year of bitcoin business adoption, didn't they? Freshly announced: Great American Insurance Group's Fidelity/Crime Division has announced on Monday that they are among the first in the industry to offer commercial coverage (for government entities, too) for bitcoins "as part of its ongoing commitment to meet the evolving needs of its customers." The company writes: Standard crime insurance policies, including Great American's crime policy, currently do not automatically provide coverage for virtual peer-to-peer mediums of exchange. Crime insurance coverage....
The free insurance scheme covers customers for up to £1 million if the firm should ever become insolvent. But crypto holders are left out in the cold.
When people evaluate the unpredictability of the cryptocurrency market, they can see why crypto security is so important. Online crypto wallets and exchanges have been hacked in large numbers in the last 24 months. “The value of cryptocurrency taken from victims climbed by 82% to $7.8 billion in 2021,” Chainalysis’ most recent Bitcoin Crime Report shows. Bitcoin, Ethereum, and other cryptocurrencies are increasing in value, and these findings demonstrate that cryptocurrencies operate in a chaotic environment that the traditional financial system ignores or refuses to....