BTC - Investing in Crypto just got a little bit safer
Bittrex obtained a $300 million insurance policy for its crypto holdings
Investing in crypto just got a little bit safer for cryptocurrency investors.
Bittrex announced in a blog post yesterday that it had obtained a $300 million insurance policy for its cold wallet holdings.
The blog post can be seen here:
Bittrex obtained the insurance through Lloyd's of London after demonstrating its internal security and compliance protocols were up to snuff.
The crypto industry is getting safer...
This news from Bittrex comes on the heels of other exchanges announcing similar amounts of insurance coverage over the last several months.
Earlier this year, Coinbase announced that it had obtained coverage for their hot wallets via Lloyd's of London to the tune of $255 million in coverage.
Then last month, the Gemini exchange announced that they had created their own insurance company to protect assets up to $200 million.
https://cointelegraph.com/news/gemini-launches-firm-to-insure-its-own-crypto-custody-branch-for-200m
Citing the difficulty in getting insurance for crypto assets, Gemini opted to create their own insurance fund.
This is all part of the maturation of the crypto space
Every couple of weeks we hear about hacking or some sort of theft where people end up losing their money, that is unacceptable and a few years from now hopefully will not be the case.
Stay informed my friends.
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-Doc
In my opinion Bittrex is one of the best exchanges, been using them for several years now and never had a problem :)
Yep, I would agree with that. We need to make sure Steem stays on that exchange for a long long time.
Plus they still support SBD which is really uncommon nowadays :/
Yep, we desperately need to get listed on Binance.US, plus Abra said they would be listing steem and sbd and still is yet to follow through on that.
A push to get steem on Coinbase and Bitfinex would be huge for steem and likely ensure its survival long term.
Probably need to pay those exchanges first to have STEEM/SBD listed :)
That's fine, lets have the SPS pay for it. Seems like a great use of funds to me... It benefits everyone equally.
Interesting idea :)
Think we can get some support for it? I have mentioned it several times but it mostly seems to have gone unnoticed...
Well, probably we would first need a "contact" in those exchanges and someone who can negotiate in the name of the community (with the experience in those matters).
When I tried to go about it in the past, they wanted to work with the lead developers of the project, IE Steemit,Inc... (this was in regards to Coinbase)
I would assume them contacting the exchanges would hold the most weight.
Perhaps we can reach out to the developers and let them know that we would support them using SPS fund for steem listings?
It would more than pay for itself pretty quickly in my opinion, and a higher steem price would mean steemit,inc would have to sell less steem to make payroll each month.
That is a great news @jcornel because I use Bittrex all the time. :)
I just hope that they would reduce the fees.
Hopefully in time they will. Traditional brokers have cut trading fees to zero, I would imagine crypto exchanges will go that route eventually, or at least closer to that route.
I saw that and glad theyre getting better and more secure.
I wonder if well ever get to the point where its pointless for the average person to not hold their crypto on an exchange or some other type of wallet will be developed for ease of use in holding and staking coins.
Very likely to be honest. The CEO of Binance said recently it makes more sense for regular users to hold their coins on an exchange. He got flamed for it of course, but if they have insurance, why not?
Interesting! Having insurance will no doubt be a major boost for Bittrex. It is certainly a move which will instill a lot more confidence in potential customers / investors. I suspect that over time, virtually every currency exchange platform will be forced to do the same. and carry insurance much like the current insurance policies which cover most fiat currency accounts at the major banks.
Up-voted and re-steemed.
Yep that is exactly right. It's about time to be honest. The customer should demand this be common place before investing using any exchange. Thanks for the upvote and resteem!
Great stuff to see, and certainly makes the crypto industry more attractive to investors. Bittrex is a pretty neat exchange. It's exciting to see more solutions being made to accommodate the crypto industry, like insurance, tracking, derivatives...