Bitstamp has insured client assets against crime-related losses
Bitstamp, one of the oldest exchanges in the cryptocurrency market, has announced a new insurance policy that will protect its users from asset theft and other similar incidents..
The service is provided by Paragon International Insurance Brokers and Woodruff-Sawyer, according to a notice on Bitstamp’s website. The underwriters are represented by various insurance companies operating in the world’s largest insurance market Lloyd&# 039; s of London.
The insurance covers digital assets such as bitcoin that are in the exchange’s hot and cold wallets and covers a range of criminal scenarios. These include theft by employees, loss while in company wallets, movement, as a result of computer fraud, as well as in connection with legal and other costs.
According to the exchange, it stores 98% of its assets in offline wallets, which are already covered by the insurance policies of the crypto custody firm BitGo.
“By expanding insurance policies to cover assets from crime both internally and externally, we affirm that by opening an account with Bitstamp, you are on the safest and most reliable exchange platform in the cryptocurrency industry,” the company says..
Earlier, Bitstamp announced the integration of a new trading engine from Market Technology, a technology solution provider for Nasdaq.
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