Wednesday, 06 February 2019 05:34

Australian cryptocurrency firm offers insurance to clients

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Australian cryptocurrency firm offers insurance to clients Pixabay

Australia's biggest cryptocurrency exchange, Independent Reserve, has started offering insurance cover to its clients.

A statement from the company said the cover was provided by Lloyd's of London, and would insure against theft or loss of cryptocurrency held in a trading account with the company.

The announcement comes in the wake of news that the chief executive of a Canadian cryptocurrency exchange, Quadriga CX, died in December without giving anyone credentials to access an encrypted laptop on which digital wallets were stored. About US$145 million worth of cryptocurrencies are said to have been lost due to this.

Adrian Przelozny, chief executive and founder of Independent Reserve, said: “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 was 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.”

The company said in the case of any incident, Independent Reserve customers would be compensated for any loss in their cryptocurrency holdings at the time of the incident.

“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,” Przelozny added.

Independent Reserve has been in existence since 2013 and says it has built a proprietary, institutional grade trading platform to allow Australians to buy, sell and invest in Bitcoin, Ethereum, Litecoin, Ripple and other digital currencies.

It claims to have more than 100,000 customers across Australia and New Zealand, and services about 8000 self-managed super funds.

Independent Reserve says it has worked closely with various Australian regulatory bodies including AUSTRAC to formulate AML/CTF regulatory frameworks for the industry.


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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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