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Definitely yes! But all these accounts will be covered by an insurance amount of 5 – 15 Bitcoins.
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how do you assess the security level of the exchanges?
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. |
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I read in CRYPTOINS White Paper you provide for discounts on insurance. Is it so? And how are they formed?
Currently, we have only a 50% discount on crypto insurance until January 15 2019. |
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 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 |
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You repeatedly mention that you are planning to create scorings and ratings. Tell me, which of the exchanges is currently the safest?
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/ |
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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. |
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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 |
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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. |
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How many exchanges will fall in 2019? Sure it depends on BTC rates. If the rates will be low, the numbers will be grate!
In the face of a falling cap of the cryptocurrency market, absolutely even the largest and most famous crypto exchange can leave the market. We need to be vigilant and try to protect our assets as soon as possible. |
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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? 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. |
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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. |
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