Bittrex received cryptocurrency asset insurance

According to an official statement, the Bittrex exchange has insured digital assets stored on its coldwallets for $ 300 million.

The insurance cover protects Bittrex from theft or hacking of cold storage wallets and was issued by Lloyds of London with the support of the brokerage firm Marsh.

It is worth noting that Lloyds has previously concluded similar deals with cryptocurrency companies. In 2018, Lloyds issued an insurance policy for the Kingdom cryptocurrency trust and Coinbase exchange.

According to the CEO of Bittrex, the insurance covers a number of existing measuressecurity, built into the exchange platform, and also increases user confidence in the exchanger. 

The statement states that in order to obtain insurance, the Bittrex exchange has demonstrated the effectiveness of its security systems and security compliance procedures. 

According to some studies, many institutional investors cannot afford to enter the cryptocurrency market precisely because of the lack of proper insurance in this industry.