Independent Reserve has develop into the primary cryptocurrency trade in Australia to supply insurance coverage protection to its purchasers.
Underwritten by the world’s main insurance coverage supplier Lloyd’s of London, the insurance coverage coverage insures towards theft or lack of any cryptocurrency that’s held in an Independent Reserve buying and selling account. It doesn’t, nonetheless, cowl any losses ensuing from market volatility or any losses arising from unauthorized entry to buying and selling accounts, comparable to hacking an particular person account or id fraud.
Commenting on the announcement, Adrian Przelozny, CEO and founding father of Independent Reserve, mentioned: “Establishments in Australia and abroad are cautious with reference to investing in cryptocurrencies and points regarding regulation, worth volatility and safety are explored in depth.
Insurance is the following logical step for our trade in this fast-maturing trade. Our new insurance coverage providing will carry new, significant and institutional capital into digital property that was as soon as sidelined. The Lloyds-underwritten coverage is an addition to the a number of layers of safety Independent Reserve have been utilizing to guard digital property for 100,000 clients over the previous 5 years.”
Within the occasion of an incident, Independent Reserve clients shall be compensated for any loss in their cryptocurrency holdings on the time of the incident.
“The acceptance of this coverage by the biggest insurer in the world is a vote of confidence in our company governance, sturdy threat administration and safety protocols and an indication of their dedication to working with solely the best high quality companions,” Mr Przelozny added.
Based in 2013, Independent Reserve has constructed a proprietary, institutional grade buying and selling platform to permit Australians to purchase, promote and make investments in Bitcoin (XBT), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and different digital currencies.
It at present has over 100,000 clients throughout Australia and New Zealand, and providers round eight,000 self-managed tremendous funds (SMSFs).
The cryptocurrency trade has additionally been working intently with varied Australian regulatory our bodies together with AUSTRAC to formulate AML/CTF regulatory frameworks for the trade.
Australian finance trade heavyweights Mike Tilley (ex -CEO of Challenger Monetary and Chairman of Latitude Monetary), Martin Rogers (KTM Ventures) and Steve James (Seer Asset Administration) are buyers and board members of Independent Reserve.
For extra data on Independent Reserve, go to www.independentreserve.com