Introducing crime insurance at Bitstamp
We’ve introduced an additional layer of protection for the digital assets held at Bitstamp. In addition to existing cold wallet insurance, Bitstamp customers are now protected with a separate crime insurance policy.
Crime insurance policy is offered by Paragon International Insurance Brokers in coordination with Woodruff Sawyer, and underwritten by various insurance companies and certain syndicates at Lloyd’s of London. The policy applies to digital assets held at Bitstamp either offline or online and covers an array of crime-related cases, such as employee theft, loss while the assets are stored at any premises, loss in transit, loss caused by computer fraud or funds transfer fraud, and loss related to legal fees and expenses.
The crime insurance policy supplements existing insurance of assets held in cold storage. We keep approximately 95% of all digital assets stored offline and protected by BitGo’s insurance policy. Now, the assets at Bitstamp are protected even while they’re held online or during transit in a large range of scenarios.
Custody and insurance of funds continue to be both a hot topic and an area of rapid improvement in crypto. By expanding our insurance policies to cover assets wherever they’re stored and incorporate both internal and external crime, we are reinforcing our commitment that when you open an account at Bitstamp, you’re entering the safest and most reliable exchange platform in the crypto industry.