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Our synopsis of the article.
Exchanges and other crypto platforms have been facing problems securing crypto insurance from the insurance market. There are many reasons for this predicament. However, the main reason for it is insurance companies are not convinced of the security being provided by these platforms.
To resolve this issue, Coincover is offering innovative solutions. It provides these companies third party plug-and-play solutions as follows, (in their own words):
- Secure key storage to government grade standards
- Business continuity planning
- Recovery of your crypto funds if your business or your customers lose access
- KYC and AML compliance
- Cryptocurrency Deposit Protection Guarantee
- Theft Cover of crypto from a hot-wallet underwritten by Lloyd's of London
- The ability to offer your customers enhanced insurance options
- And the ability to up-sell insurance add-ons to your clients.
The last bulleted point is the most interesting. The crypto companies using Coincover's protection service can now offer (upsell to) its clients additional protection over an above provided by Coincover depending individual client needs. That's great because, for large traders and investors the insurance cover given by Coincover is likely to be insufficient.
This, in our view, is one of the most welcome development in crypto space.
It is now time for consumers to take note of this and insist that the crypto platforms they use have the "Protected By Coincover" stamp of approval.
Check out the Coincover website here:
https://www.coincover.com/
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