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Mitsui Sumitomo rolls out insurance policies for Bitcoin market

Friday 25 November 2016 13:12 CET | News

Mitsui Sumitomo, a Japanese insurance provider, has teamed up with bitFlyer, a Japanese Bitcoin exchange, to launch a new product that will cater to the domestic cryptocurrency market.

The cryptocurrency revolution is opening up new markets for conventional businesses and the insurance industry is one such sector that can capitalize on the increasing demand. Cryptocurrency exchange platforms around the world are under constant threat of being hacked. As a result, insurance companies are opening up to the high-risk industry segment, confidence among investors is bound to grow.

The total coverage offered by Mitsui Sumitomo ranges from 10 million yen to 1 billion yen. It will factor in damages and losses caused by hacking incidents, unauthorized access, other cyber-attacks, human error and impropriety by employees, according to NewsBTC. The product is available for the domestic Bitcoin market and it will also cover the costs incurred by the insurer while dealing with international lawsuits.


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Keywords: Mitsui Sumitomo, Bitcoin, cryptocurrency, Japan, blockchain, bitcoin exchanges, bitFlyer, attacks, fraud, security, Asia
Categories: DeFi & Crypto & Web3
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Countries: World
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DeFi & Crypto & Web3






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