Mainly Insurance secure our risk based on this market we need insurance for crypto system also this will be good for investors because they will invest more, so people will be more secured and tension free because they can avoid loss with this.
Topic: Insurance is Important for Crypto Exchanges - page 2. (Read 222 times)
Yes i also feel that there should be some protection for investors who are holding their assets on exchange wallets, even if full fledge insurance is not available there should be a mechanism where the investors coins should be returned fully in case of hack or theft, the exchange can buy the stolen coins from market out of their profit and credit the investors.
I think something like binance created SAFU would be good for all exchanges, if they fail to deliver security and get hacked then they pay with their earned money thanks to us.
Now the market crypto currency is very much popular and wide. With the presence of different coins, the market has become very complex. Moreover the market is also very risky and uncertain and so insurance is needed for the crypto exchanges.
Insurance is important, but I am not sure if any insurance company is really able to insure the small exchanges with un-audited procedures and non-vetoed personal.
The way crypto market is expanding, it's a situational demand now to cover data breaching, network security, restoration costs for data and programs and hacker theft by insurance. If this really happen, many investors will move to the crypto market, I believe.
I am not agree with this thought because this market is not stable. Anything can happen anytime and this markets price fluctuation range is also very high. If you want to make profit then you need to choose a good coin. In this situation you don't need any insurance.
CryptoPrevent will cover network security liability, data breach liability, hacker theft. It’ll be an amazing insurance for crypto exchanges.
You guys should read this article: https://medium.com/@policypalnet/why-insurance-is-important-for-crypto-exchanges-4fa54a39941
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