The finance house Mitsubishi Trust and Banking is currently working on a solution to offer users of crypto exchanges insurance.
It is not a secret that crypto exchanges are popular targets for hackers, so the fear of losing their deposits on the crypto exchanges is very high among many investors. Even though the collapse of the Mt. Gox Exchange has been over three years and the security measures taken by the crypto exchanges have improved since then, there is no guarantee that similar collapses will not happen again.
Accordingly, it makes sense that at the heart of crypto-commerce, Japan, where about 40% of Bitcoin's total trading volume is transacted, solutions are being developed to protect customers' deposits from cyber-attacks. The Mitsubishi UFJ Trust would therefore like to offer its customers to pay for lost cryptocurrencies if it comes to the closure or hack of the exchange platform - for a fee, of course.
To this end, all stock exchange transactions would be recorded by the bank, so that it is always possible to understand exactly how correct the stock market situation is. Such a connection should exist for the first exchanges in April next year and for the time being only for Bitcoin, as the Nikkei Asian Review reports.
The fact that it is no longer necessary to rely on a stock market start-up, but to enjoy the protection of a large Japanese financial group, should make many investors overlook the additional fees.
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Anything that leads to the mainstreaming of the crypto space will benefit us all. If a "traditional bank" wants to offer an insurance product, I think that is a good thing as it will further legitimize the world of crypto and put a market based pressure on the exchange to further guard the security of their customers' coins. But ultimately, we are all responsible for our own coins' security and any HODL coins should be stored in a wallet where the owner owns it keys. If you don't hold them, you don't really own them yet.
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Agree!
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Good seeing adjacent business built around the cryptocurrencies markets. This will only increase the trust in the blockchain technology and make more investors get in. And, if we move along with a scaled adoption, only the sky is the limit for true valuable coins (except those which have no value, scam like coins).
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Agree!
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crypyo lover peoples for very good news..
Really i like it. cryptocurrency is changing of life.thanks gor share this news with us
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My pleasure
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This is cool! also here Japanese banks are buying big stakes in Uber or bidded for them at a discounted rate. If they get this could be huge could be seein the UBER + Amazon rumors come true! :)
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Exactly!
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It is a good sign that the xryptocurrency is going to become more and more imposing. Good news @tradewonk
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Yup, agree.
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i want rewards on steemit.. any tricks would you like to shareb with me
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se very good information
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Thanks for sharing this.
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This is a very massive step and the additional fees is worth it.
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With risks running high, and insurance companies (generally) notorious for delaying payments, in case of an unfortunate event of crypto hack, I hope insurance companies don't continue with their shenanigans. Though Japanese folks are known for their honesty worldwide.
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nice very nice
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