British insurance giant Lloyd's to provide insurance services for cryptocurrency holders

A consortium of LLOYD'S, a 334-year-old insurance market, is preparing to enter the cryptocurrency space by providing cryptocurrency insurance services.

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Lloyd's Insurance Company will cover cryptocurrency holders for losses caused by hacking

Although trade talks between the UK and the EU have begun today, most financial institutions operating in the UK are concerned about the tension between the UK and the EU, but LLOYD'S is still implementing its plan to become the The main participants.

The insurance market operator has launched an insurance product that protects against theft and hacking of online wallets. The insurance limit is flexible, ranging from £ 10 to £ 100,000.

It is interesting that Lloyd's showed interest in the cryptocurrency market, as this body corporate has existed for more than 300 years.

A consortium called Ltrial's (LLOYD'S) called Atrium represents a large group of underwriters who have developed this cryptocurrency-oriented service provision as reports of cryptocurrency hacking have increased. Coincover, a UK-based startup, also participated in the creation of the first such liability insurance in the UK.

Trevor Maynard, director of innovation at LLOYD'S:

As more and more funds flow into the cryptocurrency market through digital trading platforms, losses due to hacking are also rising.

This new policy is supported by a group of insurance companies including TMK and Markel under LLOYD'S. All group members are members of Lloyd's Product Innovation Unit (PIF).

Atrium's underwriter Matthew Greaves explained:

As cryptocurrencies become more popular, the demand for insurance that can protect them is growing. Lloyd's has given proof that the market has developed an innovative solution to mitigate these new risks to prevent the theft of online or offline cryptocurrency wallets to provide customers with a peace of mind, Think their assets are safe.

The number of cryptocurrency hacks is increasing

A recent survey conducted by Grayscale Investments found that about 75% of cryptocurrency investors' main concern is that their cryptocurrency has been stolen by hackers.

Last month, Bitcoinist reported that cryptocurrency crime surged from $ 1.74 billion in 2018 to $ 4.52 billion last year. However, the loss of cryptocurrencies due to hacking has actually declined.

However, with LLOYD'S 'new policy, investors will feel more secure as it allows customers to insure against the theft of their Bitcoin and other cryptocurrency wallets to protect them from losses.