Bitcoin is a topic of substantial debate, especially when it comes to recovering financial losses. Mitsui Sumitomo Insurance, a Japanese insurance company, will start offering a new product tailored towards solving this problem. If their plan is successful, Bitcoin users will be able to cover losses and damages suffered from exchange platforms going offline or getting hacked.
Addressing Bitcoin Exchange Insecurity With Insurance
Most cryptocurrency enthusiasts are well aware of how storing funds on an exchange platformm is asking for trouble down the line. Since no one is in full control over their funds, no guarantees are provided to withdraw the money. Moreover, if an exchange were to get hacked – such as Bitfinex earlier this year – there is no way for users to hedge against financial losses.
But if it is up to Mitsui Sumitomo Insurance, those concerns will be a thing of the past very soon. Their soon-to-be-launched insurance product focuses on covering losses and damages suffered at the hand of using Bitcoin exchanges. This new product is created in collaboration with Japanese Bitcoin exchange bitFlyer. As a result, both the exchanges and their customers will be