Bitstamp, one of the global leading cryptocurrency exchanges, has introduced a new policy that covers the theft and other losses of user funds persisted its platform.
The Europe-based exchange revealed that the new policy will be provided by Paragon International Insurance Brokers in coordination with Woodruff-Sawyer, per a Thursday official web-blog post.
The underwriters will contain various insurance companies and certain syndicates from one among the global oldest insurance markets, Lloyd’s of London.
As per the official web-blog post, the policy applies to virtual assets, like Bitcoin [BTC], that are held at the exchange both on and offline, and covers a variety of crime-related circumstances.
These include employee theft, loss while the assets are stored at any premise, loss in transit, loss caused by computer fraud or funds transfer fraud, & losses associated with legal fees and expenses.
Bitstamp added that 98% of all its virtual assets are stored offline, that are already secured by cover from cryptocurrency custodian BitGo.