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Cryptocurrency discussions / Re: Crypto custody insurance: a big step forward for crypto?
« Last post by Cryptsafe on Today at 04:54:51 PM »Wow, if truly there are crypto insurance as you say it, then dealing with crypto is the safest for now, one can put his assets in his crypto wallet and be assured that their will be no problem because of the assurance.Yeah probably be the best thing I've heard/read today is this insurance thing in crypto as we all know that safety is the first peiority in this space. Bankruptcy, hacked and other factors are safe with this but the question is are these exchanges really committed in offering this feature or service on it's platform? I do hope that top crypto exchanges will initiate this kind of thing so users will have the confidence in using the said platform whatever will happen. I am wondering if how much is the covered limit for that insurance?
It will be more convenient if most of all these apps like Binance, kucoin, Bybit etc... participate in this insurance product for users to be able to reserve their funds and be risk free.
Obviously, I was also thinking about it too if crypto exchange would key into this idea. As it is that such hack and other unfortunate events do happen unexpectedly, they would have nothing to hold onto. The fear of going or hoping for the insurance would be very minimal because the price would be very much high for them to incur except it is a well established crypto exchange that can afford the insurance bill.
However, if the government swings into action on this new policy for exchange to have insurance cover, I think none of the exchange can escape it but the the truth is that they would have to increase charges on their various platforms to meet up with the bill. I think it would be nice but who will cover the cost of the insurance. That is my concern because if it happens that they are coerced to do so, then I think they would fall back to customers imposing charges way too high to meet up because I know the money involved in the insurance is not a joke.