{"id":239228,"date":"2019-10-06T09:25:55","date_gmt":"2019-10-06T13:25:55","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=239228"},"modified":"2019-10-06T09:25:55","modified_gmt":"2019-10-06T13:25:55","slug":"growing-demand-for-crypto-insurance-pushes-more-companies-to-enter-market","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/growing-demand-for-crypto-insurance-pushes-more-companies-to-enter-market","title":{"rendered":"Growing Demand For Crypto Insurance Pushes More Companies To Enter Market"},"content":{"rendered":"

As cryptocurrency use grows around the world, several offshoot industries are coming into being as the digital assets fully develop into a practical financial system.<\/p>\n

The cryptocurrencies themselves have grown faster than the infrastructure that supports them, and many firms are working on building the relevant structures needed to provide full support for cryptocurrency.<\/p>\n

Issues of security have long plagued the crypto industry, and several prospective traders shy away from cryptocurrencies due to fears of losing their holdings to hackers and fraudulent schemes.<\/p>\n

Billions of dollars have been lost to fraudsters who employ crypto assets in their scheme.<\/p>\n

Crypto exchanges, platforms that serve as a storage facility for the coins and a marketplace for traders to exchange their holdings, are targeted by hackers who seek to take advantage of the obscurity that surrounds cryptocurrencies.<\/p>\n

Once crypto holdings have been looted by a hacker, it is next to impossible for the owner or the exchange to trace the stolen assets.<\/p>\n

Growing demand for crypto insurance<\/h2>\n

The cryptocurrency industry has grown to become one of the biggest financial industries across the world.<\/p>\n

The crypto sector has reached a market capitalization of over $200 billion, and this continues to grow as the demand for the asset class increases.<\/p>\n

The size of the market now has led to the demand for crypto insurance from exchanges and traders who fear to lose their holdings to hackers.<\/p>\n

Many big-name insurance providers have entered the fray and have begun offering insurance for cryptocurrency. Lloyd\u2019s of London is one such insurer that has started offering crypto insurance.<\/p>\n

The firm has been in business for over a century and it is worth close to $45 billion. This insurance firm got into a partnership with Coinbase in 2018 and provided the exchange with a $255 million insurance policy.<\/p>\n

The policy came into effect in April this year and Coinbase will be able to cover any losses incurred on its platform.<\/p>\n

Several other crypto exchanges and custodians such as Anchorage, Kingdom Trust, and Gemini have purchased insurance policies of their own.<\/p>\n

The need for more insurance for crypto exchanges<\/h2>\n

Cybersecurity is one of the greatest threats to various industries, and the crypto industry is no exception.<\/p>\n

According to information from CipherTrace, a security research firm, over $4 billion worth of crypto funds have been lost in 2019 alone.<\/p>\n

One of the leading crypto exchanges, Binance<\/a>, reported that it discovered a security breach through which hackers managed to steal 7000 Bitcoins, worth $40 million at the time.<\/p>\n

This is one example among several cases of exchanges that have lost funds to hackers.<\/p>\n

These hacks seem to be intensifying as time passes. This year alone, there have been at least seven cases of large scale breaches on cryptocurrency exchanges that have been reported.<\/p>\n

Insurance would go a long way in giving these exchanges, and their users, a buffer if they fall victim to the loss of funds through hacks. Insurers are slow to enter the market due to regulatory uncertainty around the crypto industry.<\/p>\n

Regulators need to develop proper frameworks for the crypto industry, and this will allow more insurers to provide the much needed product for crypto exchanges.<\/p>\n","protected":false},"excerpt":{"rendered":"

As cryptocurrency use grows around the world, several offshoot industries are coming into being as the digital assets fully develop into a practical financial system. […]<\/a><\/div>","protected":false},"author":1717,"featured_media":23836,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[7612,7598,9560,7893],"class_list":["post-239228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-binance","tag-crypto","tag-crypto-insurance","tag-trading"],"acf":[],"yoast_head":"\nGrowing Demand For Crypto Insurance Pushes More Companies To Enter Market<\/title>\n<meta name=\"description\" content=\"Several other crypto exchanges and custodians such as Anchorage, Kingdom Trust, and Gemini have purchased crypto insurance policies of their own.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Growing Demand For Crypto Insurance Pushes More Companies To Enter Market\" \/>\n<meta property=\"og:description\" content=\"Several other crypto exchanges and custodians such as Anchorage, Kingdom Trust, and Gemini have purchased crypto insurance policies of their own.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-06T13:25:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2014\/08\/Insurance.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Raza\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ali_r1272\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Raza\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228\"},\"author\":{\"name\":\"Ali Raza\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d\"},\"headline\":\"Growing Demand For Crypto Insurance Pushes More Companies To Enter Market\",\"datePublished\":\"2019-10-06T13:25:55+00:00\",\"dateModified\":\"2019-10-06T13:25:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228\"},\"wordCount\":530,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2014\/08\/Insurance.jpg\",\"keywords\":[\"Binance\",\"Crypto\",\"Crypto Insurance\",\"Trading\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228\",\"name\":\"Growing Demand For Crypto Insurance Pushes More Companies To Enter Market\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2014\/08\/Insurance.jpg\",\"datePublished\":\"2019-10-06T13:25:55+00:00\",\"dateModified\":\"2019-10-06T13:25:55+00:00\",\"description\":\"Several other crypto exchanges and custodians such as Anchorage, Kingdom Trust, and Gemini have purchased crypto insurance policies of their own.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228#primaryimage\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2014\/08\/Insurance.jpg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2014\/08\/Insurance.jpg\",\"width\":640,\"height\":480,\"caption\":\"bitcoin insurance\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insidebitcoins.com\/#website\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"name\":\"InsideBitcoins.com\",\"description\":\"Search & Compare Brokers within Crypto, Forex & Stocks\",\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/insidebitcoins.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/insidebitcoins.com\/#organization\",\"name\":\"InsideBitcoins\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"width\":195,\"height\":32,\"caption\":\"InsideBitcoins\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d\",\"name\":\"Ali Raza\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg\",\"caption\":\"Ali Raza\"},\"description\":\"Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali\u2019s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Business2Community, BeinCrypto, and more.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/alirazak\/\",\"https:\/\/x.com\/ali_r1272\"],\"knowsAbout\":[\"Cryptocurrency\",\"Fintech\",\"Finance\"],\"jobTitle\":\"Editor\",\"url\":\"https:\/\/insidebitcoins.com\/author\/aliraza\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Growing Demand For Crypto Insurance Pushes More Companies To Enter Market","description":"Several other crypto exchanges and custodians such as Anchorage, Kingdom Trust, and Gemini have purchased crypto insurance policies of their own.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228","og_locale":"en_US","og_type":"article","og_title":"Growing Demand For Crypto Insurance Pushes More Companies To Enter Market","og_description":"Several other crypto exchanges and custodians such as Anchorage, Kingdom Trust, and Gemini have purchased crypto insurance policies of their own.","og_site_name":"InsideBitcoins.com","article_published_time":"2019-10-06T13:25:55+00:00","og_image":[{"width":640,"height":480,"url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2014\/08\/Insurance.jpg","type":"image\/jpeg"}],"author":"Ali Raza","twitter_card":"summary_large_image","twitter_creator":"@ali_r1272","twitter_misc":{"Written by":"Ali Raza","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228#article","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228"},"author":{"name":"Ali Raza","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d"},"headline":"Growing Demand For Crypto Insurance Pushes More Companies To Enter Market","datePublished":"2019-10-06T13:25:55+00:00","dateModified":"2019-10-06T13:25:55+00:00","mainEntityOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228"},"wordCount":530,"commentCount":0,"publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228#primaryimage"},"thumbnailUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2014\/08\/Insurance.jpg","keywords":["Binance","Crypto","Crypto Insurance","Trading"],"articleSection":["Breaking Crypto News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228#respond"]}],"copyrightYear":"2019","copyrightHolder":{"@id":"https:\/\/insidebitcoins.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228","url":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228","name":"Growing Demand For Crypto Insurance Pushes More Companies To Enter Market","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228#primaryimage"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228#primaryimage"},"thumbnailUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2014\/08\/Insurance.jpg","datePublished":"2019-10-06T13:25:55+00:00","dateModified":"2019-10-06T13:25:55+00:00","description":"Several other crypto exchanges and custodians such as Anchorage, Kingdom Trust, and Gemini have purchased crypto insurance policies of their own.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228#primaryimage","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2014\/08\/Insurance.jpg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2014\/08\/Insurance.jpg","width":640,"height":480,"caption":"bitcoin insurance"},{"@type":"WebSite","@id":"https:\/\/insidebitcoins.com\/#website","url":"https:\/\/insidebitcoins.com\/","name":"InsideBitcoins.com","description":"Search & Compare Brokers within Crypto, Forex & Stocks","publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/insidebitcoins.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/insidebitcoins.com\/#organization","name":"InsideBitcoins","url":"https:\/\/insidebitcoins.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","width":195,"height":32,"caption":"InsideBitcoins"},"image":{"@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d","name":"Ali Raza","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg","caption":"Ali Raza"},"description":"Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali\u2019s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Business2Community, BeinCrypto, and more.","sameAs":["https:\/\/www.linkedin.com\/in\/alirazak\/","https:\/\/x.com\/ali_r1272"],"knowsAbout":["Cryptocurrency","Fintech","Finance"],"jobTitle":"Editor","url":"https:\/\/insidebitcoins.com\/author\/aliraza"}]}},"_links":{"self":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228"}],"collection":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/users\/1717"}],"replies":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/comments?post=239228"}],"version-history":[{"count":0,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/239228\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media\/23836"}],"wp:attachment":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media?parent=239228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/categories?post=239228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/tags?post=239228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}