Crypto exchange Bittrex secures $300 million in asset insurance

Crypto exchange Bittrex secures $300 million in asset insurance

Bittrex, the popular US-based blockchain tech/cryptocurrency exchange company, today announced that it has obtained digital asset insurance for its cold storage system to secure named crypto assets.

Subject to the full terms, conditions, and exclusions; the policy will cover up to $300 million in assets in case of external theft and internal collusion.

The Bittrex team worked closely with Marsh, a leading insurance broker, and risk adviser in placing the coverage with Arch syndicate 2012; a provider of casualty and specialty insurance for corporations supported by various syndicates at Lloyd’s of London.

“Insurance plays a critical role in the growth and development of any business; including those that work with blockchain technology and digital assets. We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs. This is the latest example of how Marsh is helping to further advance this burgeoning industry.”
– Sarah Downey, co-leader of Marsh’s Digital Asset Risk Transfer (DART) team

Coverage was approved after the Bittrex team successfully demonstrated its internal security and compliance protocols. Underwriters were further impressed upon learning that a number of cryptocurrency exchanges around the world are built using Bittrex technology.

“Bittrex focuses on doing the right thing by our customers with security at the top of our mind. This insurance coverage provides another layer of peace of mind. From our institutional customers to hobbyists, we are committed to prioritizing security throughout all of our decisions and forward-looking blockchain technologies.”
– Bill Shihara, CEO, Bittrex