Some of the companies offering insurance coverage in digital currency incorporate Great American Insurance Group, XL Catlin, Chubb, Mitsui Sumitomo Insurance among others. These companies offer diverse insurance packages to their customers. For example, the latter insurance firm insurance package deals with interior as well as outsider threats. The cover likewise incorporates mistakes; unapproved access, and employee theft. The packages go from ten million yen up to one billion yen equal to $88,500 and $8,850,000 separately. Notwithstanding the package, the cover accompanies different services which help in averting such case. The firm gives security diagnosis and checks employer background before employment in the company. The preventive measures are set up to mitigate loses which may happen.
Another company that as of late launched its insurance services in the digital currency market is Line. Line is a messaging application situated in Japan that has reported its venture into cryptocurrency with plans effectively in progress. In spite of the fact that Line is a messaging application, it has made another division which will offer a platform for its clients to offer and purchase bitcoin. The platform will likewise offer loans and insurance covers to its clients. The firm has a large number of clients who are the target market for the insurance and loans.
Aside from the above, another firm offering insurance covers to merchants and retailers who acknowledge bitcoin as payment is bitFlyer, which offers packages for any payment transaction related with bitcoin in Japan. The merchants will be covered from transaction delays, mishaps with payment systems or gateway issues. The cover will be offered to individuals who have the point of sale frameworks offered by bitFyler exchange through Mitsui Sumitomo Insurance firm.
Insurance companies are doing their best to cover all the digital currency exchanging companies, however the companies have to first invest into great security features to lessen instances of fraud. With trading occurring online, con artists are additionally on the ascent. Numerous have set up shady companies which put on a show to be dealing in digital currencies, yet they are after stealing from investors
Thus, insurance firms should think of good instruments for doing due diligence to companies before offering their insurance covers to prevent covering shady companies which are after stealing from investors.