Bittrex Secures $300 Million In Insurance For Cryptocurrencies In Cold Storage

Cryptocurrency exchange Bittrex obtained $300 million in digital asset insurance against theft or collusion for the cryptocurrency it holds in cold storage.

Bittrex announced in a blog post on Jan. 29 that the exchange obtained specialty insurance for corporations by insurance firm Lloyd’s of London after working with major insurance broker and adviser Marsh.

The co-leader of Marsh’s digital asset risk transfer team, Sarah Downey, said, “We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs.”

This is not the first crypto deal for Lloyd’s, as in late August 2018 the firm started insuring crypto custodian Kingdom Trust. In April 2019, the company also started insuring the hot wallets of crypto exchange Coinbase.

Bittrex reportedly obtained the insurance after demonstrating its internal security and compliance protocols.