KCN Coinbase Insurance Company

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Coinbase, one of the leading cryptocurrency companies, is changing the look at cryptocurrency assets insurance. The Chief Information Security Officer, Philip Martin the company spoke about insurance in more detail. According to data published on the Coinbase blog, Philip Martin tells: “Today, the most likely consumer loss scenario for any cryptocurrency company is hot wallet loss due to hacking. We secured our first policy to address that risk at the end of 2013 and have maintained a commitment to educating and growing the cryptocurrency insurance market ever since then. We currently hold a hot wallet policy with a $255 million limit placed by Lloyd’s registered broker Aon and sourced from a global group of US and UK insurance companies, including certain Lloyd’s of London syndicates…. We interact with the insurance marketplace in collaboration with our brokerage representative, Aon. Different markets focus on different risks, so a deep understanding of the global marketplace is key to effectively building a program.... Detailed information on the website blog.coinbase.com and on the medium of Philip Martin. The news release partner STEX.

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Info: https://blog.coinbase.com/on-insurance-and-cryptocurrency-d6db86ba40bd