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Bitstamp Adds Crypto Crime Insurance for Assets Held Online

The new policy means user funds are protected both on- and offline.

Oct 19, 2020 at 9:10 a.m. UTC
Updated Sep 14, 2021 at 10:11 a.m. UTC

Bitstamp, one of the world's largest cryptocurrency exchanges, has introduced an insurance policy that covers the theft and other losses of user funds held on its platform.

  • The Europe-based exchange said the new insurance policy will be provided by Paragon International Insurance Brokers in coordination with Woodruff-Sawyer, per a Thursday blog post.
  • The underwriters will consist of various insurance companies and certain syndicates from one of the world's oldest insurance markets, Lloyd's of London.
  • The policy applies to digital assets, such as bitcoin, that are held at the exchange both on and offline, and covers a number of crime-related circumstances, per the post.
  • These include employee theft, loss while the assets are stored at any premise, loss in transit, loss caused by computer fraud or funds transfer fraud, and losses related to legal fees and expenses.
  • Bitstamp said 98% of all its digital assets are stored offline, which are already protected by cover from cryptocurrency custodian BitGo.

DISCLOSURE

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