Bittrex Obtains $300 Million In Digital Asset Insurance
Bittrex Obtains $300 Million In Digital Asset Insurance
January 31, 2020
Bittrex Obtains $300 Million In Digital Asset Insurance
Bittrex Obtains $300 Million In Digital Asset Insurance
January 31, 2020

Bittrex, the cryptocurrency exchange, obtained $300 million in digital asset insurance against theft or collusion for the cryptocurrency it holds in cold storage.

On January 29, Bittrex announced in a blog post that the exchange obtained specialty insurance for corporations by insurance firm Lloyd’s of London after working with a major insurance broker and adviser Marsh.

Sarah Downey, the co-leader of Marsh’s digital asset risk transfer team, said:

“We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs.”

However, this is not the first crypto deal for Lloyd’s, as in late August 2018 the firm started insuring crypto custodian Kingdom Trust.

In April 2019, the company also started insuring the hot wallets of crypto exchange Coinbase.

It has been analyzed that Bittrex reportedly obtained the insurance after demonstrating its internal security and compliance protocols.

ALSO READ :  Head Of Digital Innovation And Blockchain Unit At European Commission Explains Benefit Of DLT

Thus, Bill Shihara, the CEO of Bittrex, explained that insurance is another layer on top of actual exchange security that provides an additional guarantee for its customers. 

Source: medium.com | cointelegraph.com


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Ishita Bora

Ishita Bora is a content creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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