The Gibraltar BlockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details Exchange (GBX) now provides insurance coverage for cryptocurrency assets listed on the platform, as reported by the CoinDesk news agency.
On Monday, December 10th, the firm announced that it had entered into a partnership with local Callaghan Insurance provider. This is necessary in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details to provide a policy of covering both hot (online) and cold (offline) wallets operating on the GBX digital asset market.
"This is an important step in attracting users who require strong security guarantees for their assets" – GBX CEO Nick Cowan.
Cryptocurrency insurance on online-exchanges
This innovation followed the news last month that GBX obtained a license from the Gibraltar Financial Services Commission (GFSC). The license was issued in accordance with the new regulatory framework of jurisdiction for distributed ledger technology (DLT).
GBX is not the only cryptocurrency exchange offering digital asset insurance. Recall that back in October, Gemini Trust announced that it would offer protection of digital assets through a consortium of insurers, organized by Aon, a global professional services company.
Also, Lloyd's of London insures against theft of cryptocurrencies. This was announced in August by the Kingdom Trust, a qualified insurer of about 30 cryptocurrencies and tokens (at that time).
As is known, the modern market of cryptocurrency insurance is estimated at about $ 6 billion. But according to experts, this level of coverage is not enough, considering that the three leading exchanges serve more than 1 billion dollars a day. GBX, which began insuring assets against hacking, is the first step towards increasing the trust of cryptocurrency users.
Editor: Yuliya Soroka