Security is one of the major issues that the cryptocurrency sector is grappling with. In particular, cryptocurrency exchanges are looking for ways to ensure the safety of users’ deposits amid prevalent hackings. In light of this, reports of CryptoIns to Insure Crypto Exchanges are a great step towards investor deposits’ safety.
Interestingly, the campaign to insure the exchanges begins with a strategic partnership between CryptoIns and Group IB.
CryptoIns to insure crypto exchanges with reliance on Group IB’s research
Crypto Insurance (CryptoIns) is a company under the full control of ASPIS SA, a Swiss insurance broker. Although not officially registered, CryptoIns promises to assure safety in a sector plagued with risks of theft. In particular, the firm provides several packages for the exchanges based on their safety rankings.
Here is where the partnership benefits from Group IB. Basically, Group IB is a cybersecurity company that specializes in investigating online fraud and high-tech crimes. Established in 2003, the company works with major computer-related companies to protect the cyber-space.
Interestingly, the cybersecurity firm conducted a research to identify the safety of the major Crypto Exchanges. Specifically, the company collected data which it used to determine the exchange that offers the lowest risk for insurance. In particular, the study focused on one of the earliest exchanges to hit the cryptocurrency market.
Subsequently, the study established that Kraken is the safest exchange in terms of risk exposure. This is to say that products on the exchange are the cheapest to insure. However, OKEx, Huobi Pro, Coincheck and a few others bottomed the list. As a result, the insurance premium for deposits on the platforms is the highest.
Apparently, the crypto insurance policy will cover losses from cyber attacks on exchanges, fraud, and illegal actions of crypto-exchange personnel. Already, with the reports of CryptoIns to insure crypto exchanges, users are asking for insurance for their hodlings.
In terms of safety criteria, a Group IB spokesperson told Hard Fork that: “We assess how crypto exchanges deal with crypto and fiat assets: what are the exchanges assets keys’ storage and management procedures.”
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