Secure Your Bitcoin And Crypto Against Catastrophic Events With This $1 Million Policy Via Coincover
The crypto market is looking refreshing today, with the most important coins trading in the green.
Secure an automatic policy for crypto holders
In a world in which we’re dealing with a global crisis, and personal funds are vital, it’s important to make sure we stay safe and protect our economies.
Hackers are also evolving with time, and during the global financial crisis that’s just beginning amidst the coronavirus pandemic, which shatters healthcare systems and global economies, bad actors are also evolving.
They’re doing their best to steal your crypto, and safety becomes more vital than ever during such difficult times.
It’s been just revealed that Bitcoin, Ethereum, and crypto holders now have the option to secure an automatic policy that offers up to $1 million in case of catastrophic losses.
Coincover, which is a UK-based risk management provider, offers the new policy through Lloyd’s of London for Civic wallet users.
Civic’s digital wallet to the rescue
Users who are signing up for Civic’s digital wallet will automatically be opted-in to this policy.
Daily Hodl reveals that Coincover says the offer will provide protection for the Civic hot wallet.
Hot wallets are usually used to settle crypto transactions, including trades, purchases, and remittance payments.
It’s already a known fact that by staying connected to the Internet, they will remain exposed to potential hackers, that’s why cold wallets are more useful by protecting crypto holdings offline.
An industry first for hot wallets
According to the latest reports coming from the online publication the Daily Hodl, Coincover guarantees coverage of up to $1 million per wallet against catastrophic losses.
“In the event that a business with Coincover Deposit Protection Guarantee ceases operations due to business failure, catastrophic systems failure or catastrophic data loss that results in its customers being permanently unable to access funds in their wallets, the Deposit Guarantee scheme will access and recover funds on their customers behalf.”
Civic CEO Vinny Lingham said that this is an industry-first for hot wallets.
We recommend that you learn more about Coincover Deposit Protection Guarantee.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.