The Australian crypto exchange Independent Reserve (IR) has shared a major update.
It will start offering insurance coverage against theft or loss of any cryptocurrency held in one of its trading accounts — however, it will not cover losses that may derive from market volatility or from unauthorized access to trading accounts (hacking or identity fraud).
In the event of an incident, customers will be compensated for any loss in their cryptocurrency holdings — being IR the first exchange to offer this coverage in the country. The initiative results of a partnership with the insurance provider Lloyd’s of London.
“Insurance is the next logical step for our exchange in this fast-maturing industry. [...] The Lloyd’s-underwritten policy is an addition to the multiple layers of security Independent Reserve have been using to protect digital assets for 100,000 customers over the past five years,” — Commented Adrian Przelozny, Independent Reserve’s founder and CEO.
Independent Reserve is mainly focused on Bitcoin, Ethereum, Litecoin, Ripple and other major cryptocurrencies. It allows Australians and New Zealand residents to invest, buy and/or sell cryptocurrencies.
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