Coincover Unveils the World’s First Insurance Policy for Cryptocurrency

A Cardiff-based startup launched the world’s first-ever insurance policy for cryptocurrency. Coincover’s policy will cover 100 different types of cryptocurrency assets.

One of the major reasons keeping people away from cryptocurrency is its susceptibility to hacking. Since there is no physical reserve backing, and the only record of a customer’s digital assets is with the exchange managing those assets. Once, that exchanges records are tampered with, the customer has no way of reclaiming his digital assets. This deficiency is keeping banks and other financial institutions from integrating cryptocurrency into their systems.

Customers log into digital exchanges using their wallets. Hardware wallets are being widely used where the customer’s private keys are stored in an electronic device. These are considered more secure than online wallets as they are isolated from the internet. But they are also susceptible to theft or getting lost.

Under the insurance policy, Coincover will…