Bitstamp Introduces Crime Insurance to Further Protect Customers’ Funds

Pioneer cryptocurrency change now insures property for wide selection of crime-related situations

NEW YORK, Oct. 15, 2020 (GLOBE NEWSWIRE) — Bitstamp, the world’s longest-running cryptocurrency change and one of many largest by commerce quantity, right now introduced they’ve expanded the insurance coverage supplied to their prospects with an extra crime insurance coverage coverage.

The new crime insurance coverage coverage is obtainable by specialist insurance coverage brokers, Paragon International Insurance Brokers in coordination with Woodruff Sawyer, and underwritten by numerous insurance coverage corporations and sure syndicates at Lloyd’s of London. The coverage covers an array of crime-related instances, akin to worker theft, loss whereas the property are saved at any premises, loss in transit, loss brought on by pc fraud or funds switch fraud, and loss associated to authorized charges and bills.

“Our crime insurance policy is designed with the specifics of digital assets in mind,” mentioned Jeff Hanson, Senior Vice President at Paragon. “Traditional insurance policies do not translate directly into digital assets, which is why we’ve created and placed a policy to fit the bespoke requirements of highly respected and forward-looking exchanges such as Bitstamp, which value the safe custody of their customers’ funds above all else.”

“Bitstamp has taken a pro-active approach to operating within relevant regulatory frameworks, has strong risk management personnel and a culture of doing right by their customers” mentioned Jacob Decker, Director of Financial Institutions at Woodruff Sawyer. “It has been a pleasure working with the Bitstamp team to develop a tailored solution to reinforce protections for their customers.”

Bitstamp shops 98% of its digital property offline with BitGo, a number one supplier of institutional digital asset storage options. These offline property have been already insured by BitGo’s personal insurance coverage coverage. With the brand new crime insurance coverage coverage supplementing this present protection, Bitstamp now affords an enhanced degree of safety for the property it manages on behalf of over 4 million prospects worldwide, together with property in transit and property held in its sizzling wallets.

“Custody and insurance are one of the most crucial and quickly developing areas in crypto right now,” mentioned Miha Grčar, Global Head of Business Development at Bitstamp. “Introducing an additional crime insurance policy allows us to expand coverage to the assets held at Bitstamp and to protect our customers in a large array of scenarios they may find themselves in.”

Widely thought to be a pioneer of blockchain safety options akin to chilly storage and MultiSig wallets, Bitstamp is retaining itself on the forefront of buyer safety, which each secures present prospects and permits extra risk-averse gamers from conventional finance to enter the digital asset market. By providing extra insurance coverage protection, the change has taken one other step in the direction of strengthening the bridge between crypto and conventional finance.

About Bitstamp
Bitstamp is the world’s longest-running cryptocurrency change, supporting buyers, merchants and main monetary establishments since 2011. With a confirmed observe file, cutting-edge market infrastructure and dedication to non-public service with a human contact, Bitstamp’s safe and dependable buying and selling venue is trusted by over 4 million prospects worldwide. Whether it’s via their intuitive net platform and cellular app or industry-leading APIs, Bitstamp is the place crypto enters the world of finance.

For extra info, go to www.bitstamp.net

About Paragon
Paragon is a specialist insurance coverage dealer, working within the Lloyd’s of London, Bermuda, European and International Specialty markets. Paragon have market-leading capabilities and expertise within the Financial, Professional and Casualty Lines sectors.

About Woodruff Sawyer
As one of many largest insurance coverage brokerage and consulting corporations within the US, Woodruff Sawyer protects the folks and property of greater than 4,000 corporations. They present professional counsel and fierce advocacy to guard shoppers towards their most important dangers in property and casualty, administration legal responsibility, cyber legal responsibility, worker advantages, and private wealth administration.

About Lloyd’s
Lloyd’s is the world’s main insurance coverage and reinsurance market. Through the collective intelligence and risk-sharing experience of the market’s underwriters and brokers, Lloyd’s helps to create a braver world. The Lloyd’s market supplies the management and perception to anticipate and perceive danger, and the information to develop related, new and progressive types of insurance coverage for purchasers globally. It affords the efficiencies of shared sources and companies in a market that covers and shares dangers from greater than 200 territories, in any {industry}, at any scale. And it guarantees a trusted, enduring partnership constructed on the boldness that Lloyd’s protects what issues most: serving to folks, companies and communities to get well in occasions of want. Lloyd’s started with a number of brave entrepreneurs in a coffeeshop. Three centuries later, the Lloyd’s market continues that proud custom, sharing danger so as to shield, construct resilience and encourage braveness all over the place.

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