Bittrex Crypto Exchange secures up to $300 Million worth Insurance for its Digital Assets

Bittrex Crytpo Exchange has secured up to $300 Million worth of insurance to secure its digital assets in cold storage. These digital assets are mostly cryptocurrency assets.

The insurance covers cryptocurrency assets in case of external theft and internal collusion. The insurance is subject to terms and conditions, notes the announcement.

Executive Opinion

CEO, Bittrex, Bill Shihara, said, "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"

Co-leader of Marsh’s Digital Asset Risk Transfer (DART) team, Sarah Downey, said, "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.”

Digital Assets Insurance

Bittrex exchange demonstrated its extensive internal security and compliance protocols. According to the announcement, Bittrex was engaged with an insurance broker and risk adviser, Marsh and demonstrated its security to Arch syndicate 2012.

Arch Syndicate 2012 has provided the insurance up to $300 Million in assets, notes the announcement.

According to us, $300 Million is one of the highest insurance value offered in crypto space to date.