Published On: Fri, Feb 2nd, 2018

Insurance Companies See Big Opportunity in Unregulated Cryptocurrency Market

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Insurance companies are ready to dip their toes into the unregulated sea of cryptocurrencies, offering protection from theft and large-scale heists.
A Market Ripe for Entry

As of this moment, you can count the number of cryptocurrency insurers – such as XL Catlin, Chubb, and Mitsui Sumitomo Insurance – on one hand. That’s about to change, however, as various other insurance companies have expressed interest in safeguarding digital currencies.
With Bitcoin and other cryptocurrencies recently exploding into the mainstream consciousness following an impressive run-up in the closing months of 2017, insurance companies are clamoring to lead the charge in insuring a largely uninsured market – and are willing to bet big on the unregulated market’s future growth.
This news comes in hot off the hack of Tokyo-based exchange Coincheck’s recent loss of around $534 million worth of cryptocurrency to hackers – which is hardly the first time criminals have made off with digital currencies.
In addition to digital theft, cryptocurrency investors are also subject to technical errors, fraudulent exchanges, and other dangers – and very little protection exists for those who find their holdings have unexpectedly disappeared.
Up to the Challenge

Insuring the unregulated sea that …

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