CRYPTOINS | Crypto Insurance

[AlexPavl]

CRYPTO INSURANCE
First online service of insurance for personal accounts on cryptocurrency exchanges and in wallets.

OFFICIAL SITE | TELEGRAM | TWITTER | FACEBOOK | MEDIUM | INSTAGRAM | STEEMIT | REDDIT

[AlexPavl]

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/

[Foxinnest]

How do you assess exchanges? 

[AlexPavl]

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.

[Reinsurer]

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?

[AlexPavl]

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.

[Kibit]

Hey guys! How is your technology implemented on exchanges?

[Foxinnest]

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?

[AlexPavl]

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?

[eneyardi]

Hey! Why do you pay compensation in bitcoins only?

[Crypto Insurance]

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.

[eneyardi]

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

[Crypto Insurance]

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.

[Huskarls]

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.

[arpon11]

How do you assess exchanges? 

access you mean?

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.

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.

[Reinsurer]

How do you assess exchanges? 

access you mean?

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.

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...

[TimtheYoutuber]

Coinbase has been offering cryptocurrency insurance since like 2013

[Tradingene]

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

[Crypto Insurance]

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.

[Foxinnest]

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!