Bitcoin Forum

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/

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.

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.

Hey guys! How is your technology implemented on exchanges?

Okay.. but who is your target audience?

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?

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.

Hm, ok

We estimate there is approximately 3.6 million bitcoins in user accounts on cryptocurrency exchanges. Our customer profile is a man between 26 and 55, who keeps a USD equivalent of up to $50,000 on his cryptocurrency accounts. The risk we cover is exchange collapse, for example, if it were to stop operating due to overwhelming hacker attacks or fraudulent activities on the part of the staff.

Usually on what problems you provide client insurance rights so they can claimed their insurance. In the real world, we have often witnessed that people who use insurance are very difficult to claim their insurance, hidden requirements and policies that are used to deceive clients and eventually the parties involved also collapse.

access you mean?
That is really some of the things that has to be fix by blockchain technology.  The third party system we have before are been manipulated by many policies and many people has to abandon their claims because of so many hinding policies.  Insurance companies are not transparent at all especially those one from Third World countries.
I have advocate for a way to secure investors fund before in case of exchange hacking and scam projects but I only see a project like dehedge trying to do that but they are also not doing much to secure investors fund.  If this crypto insurance will help then it is a welcome development.

CRYPTOINS can bring classic financial rules of the «game» and regulation to the wild cryptocurrency market...

Coinbase has been offering cryptocurrency insurance since like 2013

Do you really insure the accounts on the crypto exchanges, and not cold wallets ?! This is a significant step towards crypto traders.

Based on the information posted in the “insurance” section of the site, Coinbase provides property insurance (that is, insurance for cold wallets and carriers), and not the crypto assets contained in the accounts of the clients of the exchange. CRYPTOINS, unlike Coinbase, insures the savings themselves.

Guys, I stumbled upon this: https://www.fintech.finance/01-news/how-to-become-an-innovator-in-insurtech/
All of course interestingly described. But on the other hand, who will buy a certificate from a company with zero experience and a year old? Experience creators of the service does not count!

https://i.ibb.co/S0QmBbF/scammers1.jpg

Anonymous team, Anonymous registration, with the first posts all clearly shill sockpuppets. Likely just another scam.

There is already a thread in meta about the sockpuppets in this thread.

https://i.ibb.co/cYJ9p3p/scammers2.jpg

With coverage not available in countries that prosecute scammers.

https://i.ibb.co/dGF464L/scammers3.jpg

For a premium of 8% per annum on low risk exchanges.  ;D

Stupid hater 8)

This is vain attempt to earn merit. nothing more..

http://vfl.ru/fotos/ff8875c724467359.html

Blockchain – the future, but not the present.
There are many innovative trends that might seem futuristic to a layperson but are already taking place. Less words - more exciting info you will find in our new post.
https://www.fintech.finance/01-news/what-the-future-of-insurance-looks-like/

Why do you need to insure your cryptocurrency assets? And why are financial guarantees inherent in the traditional market also relevant in the cryptocurrency system? The answers to these and many other questions in our weekly almanac on the portal Medium.

https://medium.com/cryptoins/reliability-in-simplicity-cryptocurrency-insurance-9e7d55c93ba2

Tell more about the type of insurance you provide? As far as I got, cryptoins insure against the total crush of an exchange only.. What’s the percentage of the sum insured?

Crypto Insurance protects any user's funds (BTC, ETH, USDT, XMR, BCC, etc.) on crypto exchanges. Protection works in case of bankruptcy/termination of the operation of crypto exchange due to:
cyber-attacks on crypto exchange software;
theft, fraud, illegal actions of personnel, management or owners of a crypto exchange.

More info in our TChannel https://t.me/cryptoinschannel

Do you insure the accounts of these traders depending on the size of the assets contained on them?

We were forced to introduce a limit of liability – the total amount of the insured assets should not exceed 15 BTC. The amount of insurance coverage on the policy is from 5 to 15 Bitcoins depending on the exchange. And this is due to the fact that during the analysis of our target audience it was revealed that our potential customers hold on their accounts an average of 0.1 to 15 Bitcoins. The figure may not seems so significant, but this amount is often enough to cover the funds of one particular trader.

You repeatedly mention that you are planning to create scorings and ratings. Tell me, which of the exchanges is currently the safest?

Is it possible to evaluate it at all? and what amounts are you willing to insure?

Well, we published the rating earlier..
« Kraken is apparently the safest, and cryptocurrency held there is the cheapest to insure. Read more and about other exchanges that fell into our rank list. »

https://thenextweb.com/hardfork/2018/11/06/cryptocurrency-exchange-insurance/

What is the algorithm for registering on the site? I do not understand how I can get a policy ..

Total available capacity for crypto-related crime insurance placements starkly lags demand,” said Jacqueline Quintal, financial institutions practice leader at insurance broker Aon Risk Solutions,

Insurance is critical for getting institutions to invest because unlike stocks and bonds, crypto is for all intents and purposes a bearer asset. Once a thief obtains the private keys to a wallet, the money is gone, like cash or jewelry pilfered from a safe.

Check it here https://youtu.be/_fOvpAhy28o. It’s pretty easy, dude

Insurers are much more eagerly implementing artificial intelligence. For example, AI and machine learning technologies are used to analyze claim documents, thus freeing up human resources to focus on more creative tasks. Artificial intelligence tools are gradually influencing many aspects of the “customer journey,” from searching for a product to purchasing it. And they will reshape the traditional service requirements, distribution channels, underwriting, and pricing models. Tools based on machine learning and chat-bot processing are particularly innovative in the insurance industry. All of this amounts to a significant reduction in operational expenses.

http://s5.uploads.ru/t/l45Dw.jpg (http://uploads.ru/l45Dw.jpg)
Don’t miss a chance to get your Xmas gift!

The CRYPTOINS team is ready to take care that you don’t worry about the security of your crypto assets. At this time it is especially important to spend time with family and close friends.
Get a discount on the crypto insurance of your account on top exchanges. Make a policy before January 15, 2019 at half price.

#XmaswithCryptoIns

http://s5.uploads.ru/t/l45Dw.jpg

Don’t miss a chance to get your Xmas gift!

The CRYPTOINS team is ready to take care that you don’t worry about the security of your crypto assets. At this time it is especially important to spend time with family and close friends.
Get a discount on the crypto insurance of your account on top exchanges. Make a policy before January 15, 2019 at half price.

#XmaswithCryptoIns

I am not ready to believe such a services. In my country, there are no such insurance options for covering my bank saving accounts or my trading accounts. Why this service is taking responsibility for exchanges and web wallet providers whereas real life insurance companies are not able to do so (or at least in my country).

I was entering to this discussion like imagining typical insurance services which is also accepting major cryptos for buying policies and for paying premiums. But, this sounds like non-realistic as it will not be possible to cover our BTC holding by an insurance company. I guess they have messed up by without analyzing how a basic insurance coverage works.

As far as I understand correctly, Cryptoins is only a service based on the same classic insurance. After all, the project itself was launched by broker Aspis Sa.

link to your telegram channel is not working (

Try once more. and try a bot to buy a policy ... stumbled upon ..https://t.me/CryptoInsuranceBot

I read in CRYPTOINS White Paper you provide for discounts on insurance. Is it so? And how are they formed?

how do you assess the security level of the exchanges?

Currently, we have only a 50% discount on crypto insurance until January 15 2019.

We developed a scoring model in partnership with Group IB, a well-known company with a long history in cybersecurity. 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.

What stock exchanges, funds are you ready to work with now?

And if your users split their assets into several accounts, will you take them to insure?

Definitely yes! But all these accounts will be covered by an insurance amount of 5 – 15 Bitcoins.

Oh, why exactly this amount of crypto?

What do you think ’bout attack on LocalBitcoin and its security update??