Gibraltar Blockchain Exchange (GBX) Secures Crypto Asset Insurance Via Callaghan Insurance

Amidst Risit Cyber Attack Rates, Gibraltar Exchange Obtains Insurance For Its Crypto Assets

Owing to the rising rates of cyber attacks these days, a spokesperson for the Gibraltar Blockchain Exchange (GBX) has just announced that his company has obtained an insurance policy that will effectively cover all of the firms’ digital assets (the deal will be facilitated in conjunction with Gibraltar-based Callaghan Insurance). To be even more specific, we have received word that GBX has gotten both its hot as well as cold wallets insured for added security.

In relation to the matter, Nick Cowan, CEO of GBX, had the following words:

“We are delighted to announce the introduction of insurance coverage … this represents an important step in attracting users who require strict assurances around the security of their assets. We are committed to building a platform focused on the highest regulatory standards and the strictest due diligence processes.”

Cybercrime Rates Are On The Rise

Over the course of 2018, losses due to attacks by hackers on different crypto exchanges have amounted to a staggering $930 million (so far). Not only that, latest data obtained from U.S. security firm ‘Ciphertrace’ also shows that the global IT industry is at a massive risk of third party threats due to which many firms have started implementing better security protocols (so as to safeguard investor funds more effectively).

Is Gibraltar The Next Global Crypto Hub?

It is worth noting that over the last 6-8 months, the Gibraltar government has been making it easier for crypto enthusiasts to set up base within the British-territory. On the matter, Bruno Callaghan, the MD for Callaghan Insurance Brokers, was quoted as saying the following:

“I am delighted that Callaghan have been able to procure, after much research and collaboration with the London insurance market, a bespoke, fit for purpose coverage option that affords our clients and the jurisdiction the necessary protection to move forward confidently in the distributed ledger technology arena.”

Final Take

Some of our readers may be intrigued to learn that GBX is administered by the same company that also owns the Gibraltar Stock Exchange. Lastly, it is also worth noting that GBX was recently granted a full license to operate within Gibraltar by the nation’s financial regulator.