Bittrex obtains $300 million in asset insurance
|- After Bittrex demonstrated its internal security and compliance protocols, the coverage got approved.
- The insurance will help Bittrex secure named crypto assets.
Crypto exchange company, Bittrex, recently announced that it has obtained digital asset insurance for its cold storage system. This will help the exchange secure named crypto assets. In cases of external theft or internal collision, the policy will cover up to $300 million in assets.
The Bittrex team worked closely with the leading insurance broker Marsh in placing the coverage with Arch syndicate 2012. Arch syndicate 2012 provides casualty and specialty insurance for firms supported by different syndicates at Lloyd’s of London.
Sarah Downey, co-leader of Marsh’s Digital Asset Risk Transfer (DART) team said:
Insurance plays a critical role in the growth and development of any business; including those that work with blockchain technology and digital assets. We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs. This is the latest example of how Marsh is helping to further advance this burgeoning industry.
Bittrex’s coverage got approved due to two reasons - Firstly, their internal security and compliance protocols were up-to-par. Secondly, the underwriters were impressed when they found out that many crypto exchanges are built using Bittrex’s technology.
Bill Shihara, CEO of Bittrex, said:
Bittrex focuses on doing the right thing by our customers with security at the top of our mind. This insurance coverage provides another layer of peace of mind. From our institutional customers to hobbyists, we are committed to prioritizing security throughout all of our decisions and forward-looking blockchain technologies.
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