CoinHako, a Bitcoin wallet service for consumers to buy, sell and secure their Bitcoins, announces that it is the first ever Asian exchange that fully insures Bitcoin reserves. Originally founded in Silicon Valley, it is based in Singapore as our goal is to serve Asia. Nonetheless, the insured Bitcoin services according to the company will attract lots of customers.
Particularly, the customers who stay away from Bitcoin because their investments are not safe with a Bitcoin wallet will prefer CoinHako, now. The company says that in an effort to boost security, it was obvious for it to insure the Bitcoin. It has announced that it’s the first Asian exchange to fully insure its Bitcoin reserve. For the purpose it has hired BitGo.
When CoinHako Co-Founder Yusho Liu was asked what the company insured means for their customers, and what made them decide to implement the insurance system, the reply came that being insured means that users’ deposits in CoinHako’s hot and cold wallets are now insured against hacking and theft.
However, he clarified that the insurance does not cover Bitcoin lost or stolen as a result of an individual user’s negligence to maintain secure control over their login credentials. Yusho Liu also informed that the company had plans on integrating BitGo’s multi-sig security even before they announced the insurance-based offerings.
Nonetheless, Yusho Liu also admitted that having the wallets insured is a huge plus for the company, and especially so for the users as it gives them assurance that funds are safe. The company puts security at the front of the requirements from customers as many of them are scared after some hacking attempts taking place in the past.
Complete Security with BitGo
The Singaporean Bitcoin exchange has made it clear that it gives priority to security when it comes to CryptoCurrency. It mentions Mt. Gox incident which lost Bitcoins worth millions of dollars in exchange. The company believes this is a big step forward for the industry, given the recent occurrences in other exchanges like Mt. Gox.
Nonetheless, as the insurance is being provided by BitGo, a Californian company specializing in CyberSecurity, customers can stay assured that their deposits will remain safe with it. BitGo is known for providing ample security; earlier this year, the company began to offer up to $250,000 in theft insurance to their customers.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org