Hey! Why do you pay compensation in bitcoins only?
At the first stage, it was necessary to determine the prime cryptocurrency, on the basis of which we could recalculate all available funds in the investor?s portfolio, or in other words, we was needed to bring all indicators to a common denominator. And since the largest crypto exchanges often convert all currencies into Bitcoin, this is also economically feasible. 
Topic: CRYPTOINS | Crypto Insurance - page 3. (Read 22807 times)
Hey! Why do you pay compensation in bitcoins only?
Hey guys! How is your technology implemented on exchanges?
Hello!
Currently, insurance is carried out through the website of the service Cryptoins. In turn, the exchanges, by means of direct mailing, can announce the possibility of insuring clients’ assets. In the future, we are considering the possibility of introducing banners and pop up panels to the sites of various exchanges.
What are you interested in?
How do you assess exchanges? 
We developed a scoring model in partnership with Group IB, a well-known company with a long history in cyber security. They are one of the leaders in their field in Eastern Europe. Based on this scoring model, we deemed 24 exchanges and wallets eligible to be insured. Obviously, they are fairly large exchanges with extensive customer bases and high traded values. As for the other exchanges with an unclear level of risk, we have developed a special approach to form an insurance fund at the expense of the exchange, which functions as a franchise. In the event of a loss, this fund will initially be used to cover it, with subsequent indemnification from the insurer. It gives the exchange incentive to ensure stable operation.
Okay.. but who is your target audience?
Hey guys! How is your technology implemented on exchanges?
Everyone knows that from a legal point of view there re a lot of questions ‘bout the majority of projects in the crypto industry. U also face strict insurance regulations on top of that. What legal issues did u have to solve?
Well, quite good question.So our platform is backed by a clear legal entity — Swiss insurance broker ASPIS SA. Finding a suitable insurance company was one of our main goals. The traditional insurance market is very tightly regulated by local authorities in different countries. This includes licensing, extremely tough requirements for the storing of reserves, insurance rates, reporting and much more. As a result, there are very few companies who are both legally able and willing, because of the inadequate legislation among other things, to form reserves, and receive and make payments in cryptocurrency. But we found such a company — Selecta Insurance and Reinsurance Company (Caribbean) Limited, who is able to perform all of the above operations using cryptocurrency according to local legislation. Additionally, our insurer is interested in developing new insurance products for new markets.
Everyone knows that from a legal point of view there re a lot of questions ‘bout the majority of projects in the crypto industry. U also face strict insurance regulations on top of that. What legal issues did u have to solve?
How do you assess exchanges?
We developed a scoring model in partnership with Group IB, a well-known company with a long history in cyber security. They are one of the leaders in their field in Eastern Europe. Based on this scoring model, we deemed 24 exchanges and wallets eligible to be insured. Obviously, they are fairly large exchanges with extensive customer bases and high traded values. As for the other exchanges with an unclear level of risk, we have developed a special approach to form an insurance fund at the expense of the exchange, which functions as a franchise. In the event of a loss, this fund will initially be used to cover it, with subsequent indemnification from the insurer. It gives the exchange incentive to ensure stable operation.
How do you assess exchanges?
Timofey Volkov (CEO CRYPTOINS) opens up about the motives urged him to create the unique service of its kind in new interview on ThriveGlobal. Even more relevant and not previously affected topics are waiting.
https://thriveglobal.com/stories/path-with-heart-interview-with-the-ceo-of-cryptoins/
https://thriveglobal.com/stories/path-with-heart-interview-with-the-ceo-of-cryptoins/
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