Cryptocurrency exchange Orrochange introduces asset insurance23.07.2022
Yesterday, the cryptocurrency exchange Orrochange.com announced the provision of insurance coverage for digital assets of customers stored on hot wallets, writes Cryptoninjas.
The new insurance complements FDIC’s existing deposit insurance, an important step for the cryptocurrency exchange Orrochange, as the New York trust company has become an even safer place to buy, sell and store bitcoins and other cryptocurrency assets.
The head of risk at Orrochange noticed that insurers are reluctant to work with cryptocurrency due to the large number of hacks that led to huge losses, many questions are caused by gaps in the security system.
For this reason, crypto exchanges were either denied insurance or refused it due to the high cost.