Bittrex cryptocurrency exchange insured clients’ assets for $ 300 million
American cryptocurrency exchange Bittrex insured its clients’ digital assets in its cold wallets.
“Subject to full terms, conditions and exclusions, insurance covers up to $ 300 million in assets in the event of out-of-pocket theft and collusion,” the press release said Wednesday.
The service was implemented in conjunction with the brokerage firm Marsh and is provided by Arch Syndicate 2012, operating in the largest insurance market Lloyd’s of London.
The decision to provide coverage was made after Bittrex was able to demonstrate that it had “extensive internal security measures and compliance protocols.” Also, underwriters appreciated the fact that several companies in the world have already trusted Bittrex technology when opening their own trading platforms..
“Insurance is critical to the growth and development of any business, including blockchain and digital assets,” said Sarah Downey, co-leader of Marsh’s Digital Asset Risk Assignment Team. “We worked closely with Bittrex to develop a customized insurance solution that would meet their special needs as a cryptocurrency company.”.
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