Bittrex obtained $300M insurance for digital assets in cold storage
Bittrex, the cryptocurrency exchange base on the US, has obtained digital assets insurance for cold storage systems up to $ 300 million, according to a Medium post on January 29.
Got coverage? We do. $300 million in digital asset insurance.
Details: https://t.co/6hVclUx8kT pic.twitter.com/uFkfmWr48H
— Bittrex (@BittrexExchange) January 29, 2020
Bittrex’s policy is placed through the world’s leading insurance broker Marsh. The exchange said it was approved for coverage after successfully demonstrating the exchange’s internal security and compliance protocols. Under the full terms, conditions, and exclusions, the policy will pay up to $ 300 million in assets in the case of external theft and internal collusion.
Bittrex’s coverage was temporarily taking the lead as Gemini created its insurance company with $ 200 million insurance for cold storage, and Coinbase had $ 255 million insurance for assets kept in hot wallets or online.
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