Cryptocurrency exchange Bitstamp has announced a new insurance policy to cover theft and other losses incurred by users of its platform.
According to a blog post published October 15, the European-based exchange introduced a “crime insurance” policy for digital assets held on the exchange. The new policy is in addition to the platform’s existing cold wallet insurance, allowing clients an additional layer of protection.
The post claims the new policy is being offered by Paragon International Insurance brokers in coordination with Woodruff-Sawyer. Underwriters of the policy consist of various insurance companies and syndicates from insurance market giant Lloyd’s of London.
Per the update, the policy supplements existing insurance of assets held in cold storage.
The post reads,
We keep approximately 98% of all digital assets stored offline and protected by BitGo’s insurance policy. Now, the assets at Bitstamp are protected even while they’re held online or during transit in a large range of scenarios.
Bitstamp calls custody and insurance of funds both a hot topic and area of rapid improvement for the industry of crypto, with their new policy serving to reinforce the exchange’s commitment to being the most reliable trading platform on the market.
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