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US crypto exchange Bittrex obtained $300 million insurance for cold storage

By:
on Feb 3, 2020
Updated: Mar 11, 2020
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  • Bittrex has just announced that it managed to secure massive insurance for its cold storage.
  • The size of the insurance is $300m, and it secures the funds from internal and external threats, alike.
  • The company's CEO stated that security is the exchange's top priority and that the insurance brings another layer to it.

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While the security of assets in the crypto/blockchain industry continuously grows in strength, bad actors are still managing to find a way to steal them. This is why investors are starting to turn to exchanges that have their funds insured.

The trend of insuring crypto funds is picking up, and some of the largest businesses have managed to obtain hundreds of millions-large asset insurance, with US-based Bittrex being the latest one in the line. According to its recent announcement, the exchange obtained insurance of up to $300 million for its cold storage.

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Another layer of security is added

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To do this, Bittrex collaborated with Marsh in placing cover with Arch Syndicate 2012. Now, the funds stored in its cold storage system are protected from internal and external influences alike.

However, in order to receive the coverage, the exchange still had to demonstrate major security levels, as well as the fact that it respects all necessary compliance protocols. The exchange’s CEO, Bill SHihara, commented by saying that Bittrex focuses on doing right by their customers.

This means always keeping the security of customers and their funds as the top priority. With the insurance in place, everyone connected to the exchange will have peace of mind.

Marsh Digital Asset Risk Transfer Team’s Sarah Downey added that insurance has a critical role to play when it comes to the growth and development of any business. That includes businesses that rely on blockchain technology and cryptocurrencies, as well, The company has, therefore, worked closely with Bittrex to create a custom insurance solution that will fit the exchange’s needs.

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