US cryptocurrency exchange Bittrex has obtained insurance coverage for its customers’ cold storage assets worth up to $ 300 million.
Got coverage? We do. $300 million in digital asset insurance.
— Bittrex (@BittrexExchange) January 29, 2020
The program was implemented with the participation of Marsh insurance broker and the Chinese company Arch Syndicate 2012 which provides casualty and specialty insurance for corporations and supported by various syndicates at Lloyd’s of London.
In case of full compliance with the conditions, the insurance policy covers damage up to $300 million in assets in case of external theft and internal collusion.
According to the exchange, approval from insurers was received “after successfully demonstrating the exchange’s extensive internal security and compliance protocols.”
“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,” said Bill Shihara, CEO, Bittrex. “From our institutional customers to hobbyists, we are committed to prioritizing security throughout all of our decisions and forward-looking blockchain technologies”
A representative of Marsh explained that this individual insurance solution was developed specifically for Bittrex exchange and meets the specific requirements for cryptocurrencies.
“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,” said Sarah Downey, co-leader of Marsh’s Digital Asset Risk Transfer (DART) team.