Bittrex exchange insured crypto assets of users for $ 300 million

The American cryptocurrency exchange Bittrex has insured the crypto assets of its clients for $300 million, locatedon cold wallets.

“According to the terms of the contract, insurance covers up to $300 million in the event of theft of crypto assets from outside or internal collusion,” — said in a press release issued Wednesday.

Arch Syndicate acted as insurer2012, which operates in the largest insurance market Lloyd’s of London. The mediator between Bittrex and Arch Syndicate 2012 was Marsh, a leading global insurance broker and risk consultant.

Before concluding an agreement, the exchangedemonstrated the existence of “extensive internal security measures and compliance protocols.” In addition, the underwriters were impressed by the fact that other cryptocurrency exchanges used Bittrex technology to open their own trading platforms.

“Invoice insurance is necessary in anydeveloping business, including the field of blockchain and digital assets, — said Marsh digital asset risk assignment team co-leader Sarah Downey. “We worked closely with Bittrex to develop a customized insurance solution that could meet their unique needs as a cryptocurrency company.”

About two weeks ago, another US exchange, Gemini, opened its own insurance company to protect clients' assets with $200 million in collateral.

</p></p>