In a sign of a maturing asset class for crypto, the exchange has taken out the largest insurance policy to-date in the space - protecting its cold storage to give clients "peace of mind."
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Bittrex takes out record $300m crypto insurance policy
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Insurance coverage is a growing trend among businesses that hold users' cryptocurrency. Custodial solution KNØX has insurance, also from Lloyd's, which covers losses of up to $100 million. The Winklevoss brothers created their own insurance company earlier this month to guarantee losses up to $200 million for Gemini exchange users. Coinbase previously held the record for the largest insurance coverage in crypto, insuring against third-party attacks of up to $255 million for digital assets held in the exchange's hot wallets. With Bittrex's news this week, the bar has been raised by a cool $45 million.
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