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

Blockchain

Extreme market challenges major contract exchanges, BTCC contract performance is outstanding

On Friday, Bitcoin ushered in three surges in a short period of time, with a gain of more than 20%. The currency circ...

Blockchain

Number reading | The paradox behind the 109 reports The truth is that IEO is an antidote or a poison?

After several months of fermentation, the IEO boom continues, and there is even a wave of higher waves. Yesterday (Ap...

Blockchain

Simultaneously addressing the pressing issues of DEX and CEX, the company received a $ 40 million investment from Sequoia and Intel

Starkware, an Israeli startup, believes that it can solve two of the most pressing issues in crypto trading-the inher...

Opinion

Caroline Ellison testified in court Acting on the instructions of SBF, embezzlement of approximately $14 billion in FTX client funds.

The Manhattan courtroom was crowded on Tuesday as Caroline Ellison, the former girlfriend of SBF and former CEO of Al...

Blockchain

6 pictures tell you about the development status of the Asian cryptocurrency market

Author: cryptanalysis CoinGecko company co-founder Bobby Ong translation: block rhythm BlockBeats-HQ Recently, at the...

Blockchain

The first in the industry! US cryptocurrency exchange INX seeks IPO listing

The cryptocurrency exchange attempted to raise funds through IPOs rather than ICOs, and INX was the first. On August ...