Bittrex secures $300m in crypto insurance from Lloyd's syndicate Arch

US-based blockchain technology and cryptocurrency exchange Bittrex has secured $300 million in digital asset insurance for its cold storage system.

Bittrex worked closely with broker Marsh in placing the coverage with Arch syndicate 2012, which provides casualty and specialty insurance for corporations and supported by various syndicates at Lloyd’s of London.

The company was approved for the coverage after successfully demonstrating the exchange’s extensive internal security and compliance protocols.

“Bittrex focuses on doing the right thing by our customers with security at the top of our mind. This insurance coverage provides another layer of peace of mind,” said Bill Shihara, CEO of Bittrex. “From our institutional customers to hobbyists, we are committed to prioritizing security throughout all of our decisions and forward looking blockchain technologies.”

Sarah Downey, co-leader of Marsh’s Digital Asset Risk Transfer (DART) team, said: “Insurance plays a critical role in the growth and development of any business, including those that work with blockchain technology and digital assets. We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs. This is the latest example of how Marsh is helping to further advance this burgeoning industry.”