American crypto exchange of twins Tyler and Cameron Winklevoss has implemented insurance protection for assets that are stored there.
From October 1, 2018, Gemini Trust Company LLC, the operator of the Gemini cryptocurrency exchange, provided insurance protection for digital assets. The insurer is the global consortium AON.
This is an additional protection. Earlier, the exchange has already created deposits in US dollars, equivalent to stored cryptocurrencies, and insured these deposits with the Federal Deposit Insurance Corporation (FDIC).
Crypto market becoming safer
With numerous hacker attacks and thefts in mind, users are looking for opportunities to insure their cryptocurrency deposits more and more often. More and more insurance companies are beginning to provide appropriate cryptocurrency insurance services as well as it is a new and growing market.
For instance, the South Korean insurer Hanwha Insurance is planning to launch in 2018 a new corporate product focused on crypto exchanges – protecting them from cyber attacks and leakage of personal data of users.