First Crypto Funds Insurance Service Platform Goes Live
In what is the first of its kind, Swiss insurance broker ASPIS SA has announced the launch of its insurance cover for its customers’ crypto funds in their private accounts on various exchanges and wallets.
Customers of CryptoIns can rest assured that even in the event of hacking, the losses will be compensated in full, the company said. The scope of the insurance package covers customers who are victims of an exchange shutting down due to incessant hacks or fraudulent of the staff leading to a collapse of the exchange.
How to Get a Policy on CryptoIns
Users can now take out an insurance policy by registering on CryptoIns and choosing the accounts in an exchange or wallet the they want to insure.
The insurance is now available for 28 different exchanges and wallets, including well-known mainstays such as Binance, Bitfinex, Bitstamp, Bittrex, Poloniex, MEW, Ledger, Trezor, and others, as well as relatively new hosts for accounts.
Timofey Volkov, the founder, and CEO of CryptoIns said: “The ability to insure your own deposits will give confidence to both novice and experienced traders and investors, who finally have the opportunity to secure their accounts from theft on coin exchanges and in wallets. It will also attract a new audience to the industry.” He went on to say, “We are sure that the emergence of insurance products on the market is the next necessary step on the path to developing and spreading crypto technologies all over the world. Now our goal is to inform the entire crypto community that insurance of personal investments is a necessary, yet simple, step for everyone.”
All insurance payments are guaranteed by top global reinsurers. Insurance certificates are issued by Selecta Insurance and Reinsurance Company (Caribbean) Limited, a licensed insurer. And the CryptoIns platform is operated by Swiss insurance broker ASPIS SA. The default insurance policy period is 90 days with extension options available for 90 or 365 days.
The price of a policy is calculated automatically depending on the size of the insured cryptocurrency portfolio as well as on the reliability of the given exchange or wallet, which is assessed by a proprietary scoring model.
The insurer’s liability limit is $7 million per exchange. And the liability limit for any one insurance policy is up to 15 BTC per exchange. ASPIS SA plans to increase these limits in the future.