February 1, 2020 by Clementine
In order to ensure an additional level of security to its platform, Bittrex just take out an insurance policy of $ 300 million to cover losses related to a cyber attack.
Insurance coverage senior
Bittrex now wishes to mitigate the risks related to a cyber attack in subscribing to an insurance policy of $ 300 million, according to an official announcement from the company. However, the insurance scheme does not support that the flights regarding the system of cold storage (cold wallet) to Bittrex and does not cover attacks that are targeting its crypto-wallets online (hot wallet).
As a result of harsh negotiations, Bittrex has managed to get an insurance contract of 300 million dollars from the us insurer Marsh. The crypto-exchange has mostly su “successfully demonstrate that it guaranteed the security protocols and internal compliance extended crypto-stock exchange,” said Marsh, explaining his decision to work with Bittrex.
“Bittrex focuses on safety as a priority. This insurance coverage will reassure our customers, ” said Bill Shihara, the CEO of Bittrex.
Insurance coverage is popularized
Bittrex walk now in the footsteps of several crypto-exchanges that have already subscribed to an insurance policy of several million dollars. Thus, Coinbase has an insurance policy of $ 255 million for its assets held in its portfolios online (hot wallet). As for Gemini, it has created its own insurance company, and allocates a insurance premium to the tune of 200 million dollars for its system of cold storage.
According to the firm insurance Marsh Digital Asset Risk Transfer, insurance, would lay the groundwork for a true mass-adoption of crypto-currencies.
“Insurance plays a critical role in the growth and development of any company, including those who work with the technology of Blockchain and digital assets”, has argued the firm.
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Passionate about the universe geek, Clementine finds the news more interesting and involved in their drafting.