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.

timg

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Bitcoin

OKX will launch a signal strategy and has now opened a signal provider recruitment.

The signal strategy function is expected to be officially launched in August to September 2023. This function will al...

Blockchain

Look at IEO, the dilemma of markets, exchanges, project parties and investors

"IEO's projects are flying, do you want to follow?" Wei Dong entered the currency circle for more than...

Blockchain

Solana Ecosystem Bounces Back from FTX Collapse with a Dash of Resilience and a Pinch of Silver Lining

Solana CEO, Anatoly Yakovenko, discusses the impact of FTX's downfall on Solana's ecosystem startups and projects.

Blockchain

Interview with BitMax.io Cao Jing: Compliance, Localization and Traffic Integration, Exchange Status and Future

On October 19th, at the 1st anniversary of the BitMax.io exchange, Jingwei China Partner Harry, Sequoia Capital Partn...

Blockchain

"Japan Amazon" Lotte launches cryptocurrency transaction service

"Japan Amazon" – Lotte, announced on August 19 that it will launch its new encryption trading platfor...

Blockchain

Data tells you how the DEX ecosystem evolved in 2019

Decentralized exchanges (DEX) emerged in 2018 and have flourished in the past year. With DeFi disrupting the economic...