A United States-based cryptocurrency exchange, Bittrex announced it has secured insurance coverage of $300 million.
Based on reports, the insurance coverage helps protect the crypto assets held in Bittrex cold storage system. The cold storage system helps in keeping private keys on a hardware device disconnected from the internet.
Bittrex reportedly carried out the project with world-leading insurance broker and risk adviser, Marsh. As well as, Arch syndicate 2012, which provides casualty and specialty insurance for corporations and it’s supported by various syndicates at Lloyd’s of London.
Sarah Downey, the co-leader of Marsh’s Digital Asset Risk Transfer (DART) team gave some words on the development of. She pointed out the importance insurance plays in the growth and development of any business. This includes those that work with blockchain technology and digital assets. She also said Marsh worked with Bittrex to create a tailored insurance solution to fit the platform’s specific cryptocurrency needs. “This is the latest example of how Marsh helps to further advance this burgeoning industry,” she added.
Besides, subject to the full terms, conditions, and exclusions the policy reportedly covers about $300 million in assets in case of external theft and internal collusion.
Bittrex infrastructure speaking volumes
According to the press release, Bittrex got the approval for coverage due to the successful demonstration of its extensive internal security and compliance protocols. This supports its industry-wide recognition for the security and stability of its platform’s technology. As well as, the fact that a growing number of cryptocurrency exchanges around the world build on Bittrex’s best-in-class technology due to their trust in the platform.
The CEO of Bittrex, Bill Shihara also commented on the project. He said that his organization focuses on delivering the right objective to its customers. With security at the top of their mind. He further claims that the insurance coverage provides another layer of peace of mind.
Furthermore, Bill emphasized that from their institutional customers to hobbyists, they remain committed to prioritizing security throughout their decisions. As well as, forward-looking blockchain technologies.
Bittrex Global claims to provide a proven and secure platform for its customers to access the opportunities of digital asset trading. Reportedly built on Bittrex’s cutting-edge technology, Bittrex Global provides an institutional-grade experience for professional and novice customers alike.
Additionally, the platform claims their mission involves making the blockchain revolution more widely accessible. As well as, increasing the adoption of this transformative technology around the world. The platform also states that they like exposing their customers to new blockchain projects that have the potential to transform how goods, services, and operations get managed globally.
Previously, One-stop-shop crypto app, Tap announced its availability on the Bittrex platform.