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Australia’s Independent Reserve Bitcoin Exchange Offers Insurance Policy
Feb 06, 2019
Independent Reserve, an Australian-based cryptocurrency exchange, has announced the addition of insurance coverage, which is aimed at protecting its clients. This makes it the first exchange of its kind to offer this coverage in Australia.
Speaking about the announcement, the founder and CEO of Independent Reserve Adrian Przelozny, commented that:
“Institutions in Australia and overseas are cautious with regards to investing in cryptocurrencies and issues relating to regulation, price volatility and security are explored in depth. Insurance is the next logical step for our exchange in this fast-maturing industry. Our new insurance offering will bring new, meaningful and institutional capital into digital assets that were once sidelined. The Lloyds-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.”
According to a press release on February 4, Independent Reserve will partner with Lloyd’s of London, an insurance provider, to offer insurance coverage to its exchange users. The policy is aimed covering clients against loss or theft of any cryptocurrency held by a trading account in Independent Reserve exchange.
In cases where Independent Reserve is faced with an incident, it will compensate its customers if they lose their digital assets as a result of the incident.
However, Independent Reserve put it clear that it doesn’t cover loses as a result of unauthorized access to any account or market volatility. Also, it doesn’t cover hacking of an individual account or any case of identity fraud.
Commenting about the policy, Mr. Przelozny noted that:
“The acceptance of this policy by the largest insurer in the world is a vote of confidence in our corporate governance, robust risk management and security protocols and a sign of their commitment to working with only the highest quality partners.”
Independent Reserve offers an institutional-grade trading platform, allowing Australians and New Zealand residents to invest, buy or sell cryptocurrencies. It mainly focuses on Ethereum, Bitcoin, Litecoin, Ripple, and other top digital currencies.