Bitcoin Exchanges Launch Insurance Products in JapansteemCreated with Sketch.

in bitcoin •  7 years ago 

imageTwo bitcoin exchanges in Japan are launching insurance products aimed at preventing losses tied to failed transactions.

According to a report from Nikkei, bitFlyer is working with Mitsui Suitomo Insurance, a subsidiary of MS&AD Insurance Holdings Group, which offers non-life insurance products. That product is said to be going live today.

Coincheck, another domestic bitcoin exchange, is pursuing a similar product release in conjunction with Tokio Marine and Nichido Fire Insurance.

While the exact policy details aren't immediately available, the products are said to be aimed at shoring up confidence in digital currency transactions. In the case of bitFlyer, the policy would cover losses for retailers that accept bitcoin in the event that a customer transaction doesn't go through due to technical problems.

"The hope is that more stores will adopt bitcoin as a payment method if they are not forced to simply eat such losses," the publication wrote.

The move comes months after Japan's government recognized bitcoin as a kind of legal payment method, a policy shift that also formed an oversight framework for digital currency exchanges in the country.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in bitFlyer.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://1bitcoins.net/bitcoin-exchanges-launch-insurance-products-in-japan/

Great information thanks

Copying/Pasting full texts is frowned upon by the community.

Some tips to share content and add value:

  • Using a few sentences from your source in “quotes.” Use HTML tags or Markdown.
  • Linking to your source
  • Include your own original thoughts and ideas on what you have shared.

Repeated copy/paste posts could be considered spam. Spam is discouraged by the community, and may result in action from the cheetah bot.

Creative Commons: If you are posting content under a Creative Commons license, please attribute and link according to the specific license. If you are posting content under CC0 or Public Domain please consider noting that at the end of your post.

If you are actually the original author, please do reply to let us know!

Thank You!