Gibraltar Blockchain Exchange to provide crypto insurance service

Posted 12 December, 2018

All cryptocurrencies listed at the Gibraltar Blockchain Exchange (GBX) have got insurance coverage.

The branch of the Gibraltar Stock Exchange, GBX platform entered into an agreement with Gibraltar-based insurance company Callaghan to secure the coverage for the assets available at the GBX, as the company stated Monday.

With this service, the platform will become even more attractive for the potential clients, as commented exchange CEO.

In November, GBX successfully passed certification with the Gibraltar Financial Services Commission (GFSC) as it was required by the blockchain guideline in this region. 

It is worth mentioning that GBX is hardly a pioneer in this sphere as the market has already seen offers of insurance for cryptos earlier. In particular, Gemini Trust Company run by the Winklevoss twins started offering insurance. Winklevoss’ company provides users with this service via the consortium created by Aon.  

For reference, the Gibraltar Blockchain Exchange was launched in July 2018 with the investments reaching $27 million.

According to the reports, the crypto insurance market is said to be worth $6 billion. The bulk of the coverage has been grabbed by crypto behemoth Coinbase.

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