Cryptocurrency Insurance Is Live In The Market Of UK

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Crypto Insurance has been in the UK. Coincover, a UK based startup will crypto insurance policy. Local news outlet from the UK, Whales247, has reported the news.

Whales247 has quoted, Coincover aims to make investing in cryptocurrency safer and more accessible for consumers; it is the first and only service to guarantee digital funds held online will not be lost or stolen.

What Is Crypto Insurance?

Crypto Insurance policy will basically provide insurance for the customer’s cryptocurrency in case of theft or loss. Coincover will monitor your cryptocurrency wallet 24/7, they will make sure to alert you whenever there is any suspicious activity in your wallet.

Coincover customers are protected by:

  • 24/7 wallet monitoring: Protecting digital currency at all times, with early-warning alerts for suspected theft.
  • Lost key cover: Recovers funds in digital wallets if private keys are lost.
  • Secure key storage: Private backup keys are held in an extremely secure offline environment.
  • Anti-Theft guarantee: Cash replacement value for any customers who have their funds stolen underwritten by triple-A-rated insurance partners.
  • Due diligence checks: Notifications are sent when incoming crypto is from a suspicious source.

Coincover protects over 100 different cryptocurrencies, meaning that cryptocurrency investments no longer need to be taken offline to keep them fully secure.

Coincover’s was also in one of only eleven of the UK’s cutting edge insurance companies to showcase their expertise to the US market in Silicon Valley.

“Cryptocurrency ownership is growing fast and becoming more mainstream, but it can still feel like a risky investment. Virtual currencies, by their very nature, are a new concept for many.” , David Janczewski, co-founder of Coincover said.

Boost is expected for the crypto-insurance companies in the upcoming years. Allianz crypto insurance is in the works, Lloyds crypto insurance has already in the market. Lloyds of London supports 30 cryptocurrencies and tokens. Coinbase is also said to be in working to provide insurance for cryptocurrency.

 

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