Bittrex, Inc. Secures $300 Million in Digital Asset Insurance to Enhance Protection
Today, Bittrex, Inc., a leading US based blockchain technology and cryptocurrency exchange, announced that the company obtained digital asset insurance for its’ cold storage system to secure named cryptocurrency assets. Bittrex worked closely with Marsh, the world’s leading insurance broker and risk adviser, in placing the coverage with Arch syndicate 2012, which provides casualty and specialty insurance for corporations and supported by various syndicates at Lloyd’s of London. Subject to the full terms, conditions and exclusions the policy will cover up to $300 million in assets in case of external theft and internal collusion.
Recognized industry wide for the security and stability of their platform’s technology, Bittrex, Inc. was approved for the coverage after successfully demonstrating the exchange’s extensive internal security and compliance protocols. Underwriters were further impressed upon learning that a growing number of cryptocurrency exchanges around the world are also built on Bittrex, Inc’s best-in-class technology due to their trust in the platform.
“Bittrex focuses on doing the right thing by our customers with security at the top of our mind. This insurance coverage provides another layer of peace of mind,” said Bill Shihara, CEO, Bittrex. “From our institutional customers to hobbyists, we are committed to prioritizing security throughout all of our decisions and forward looking blockchain technologies”
“Insurance plays a critical role in the growth and development of any business, including those that work with blockchain technology and digital assets,” said Sarah Downey, co-leader of Marsh’s Digital Asset Risk Transfer (DART) team. “We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs. This is the latest example of how Marsh is helping to further advance this burgeoning industry.”