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Cryptocurrency exchange Bittrex has announced that the digital assets stored in its cold storage system are now insured.
In an online post, the exchange said that it has obtained a $300 million insurance policy to keep its assets secure from “external theft and internal collusion.” CoinDesk reported that it is the highest coverage offered by a crypto exchange.
“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.”
Bittrex worked with Marsh, the world’s leading insurance broker and risk adviser, in placing the coverage with Arch syndicate 2012 which provides casualty and specialty insurance for corporations supported by various syndicates at Lloyd’s of London.
The exchange said that it was approved for the coverage after demonstrating its extensive internal security and compliance protocols.
“Insurance plays a critical role in the growth and development of any business, including those that work with blockchain technology and digital assets,” said Sarah Downey, co-leader of Marsh’s Digital Asset Risk Transfer (DART) team. “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.”
Meanwhile, cryptocurrency exchange Gemini launched its own insurance company called Nakamoto that provides insurance coverage of up to $200 million to Gemini Custody.
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