Crypto Assets on Gibraltar Blockchain Exchange Can Now Be Insured

[PRIBO247]

The Gibraltar Blockchain Exchange (GBX), a subsidiary of the
island’s stock exchange, is now providing insurance coverage for
crypto assets listed on its platform.

The firm announced Monday that it has partnered with a local
provider called Callaghan Insurance to provide the policy to cover
both hot (online) and cold (
offline) wallets listed on the GBX
Digital Asset Exchange.
“This represents an important step in attracting users who require
strict assurances around the security of their assets,” said GBX
CEO Nick Cowan.

The news follows last month’s news that GBX
had received a license from the Gibraltar Financial Services
Commission (GFSC) under the jurisdiction’s new regulatory
framework for distributed ledger technology (DLT).

GBX is not the only crypto exchange to offer insurance for digital
assets. Back in October, Gemini Trust Company, an exchange co-
founded by Cameron and Tyler Winklevoss, announced it would
offer protection for digital assets through a consortium of insurers
arranged by global professional services firm Aon.

Centuries-old insurance marketplace Lloyd’s of London is also
underwriting cover against the theft of cryptocurrencies as
announced in August by Kingdom Trust, a qualified custodian of
around 30 cryptocurrencies and tokens at the time.

The crypto insurance market is estimated to be worth around $6
billion, but, as reported, that level of coverage is thought to be
insufficient considering the top three exchanges each handle more
than $1 billion of trades a day. Notably, crypto exchange unicorn
Coinbase already has the lion’s share of the available coverage,
leaving very little for the rest of the industry.

Source : https://www.coindesk.com/