Gibraltar Blockchain Exchange (GBX) has recently announced the launch one of the first insurance coverage policy for digital assets. The token sale and crypto exchange first launched in July 2018. Now they are teaming up with local Callaghan Insurance firm to help users protect their cryptocurrency holdings. The insurance will safeguard funds from hackers, exchange failures, and any other security vulnerabilities jeopardizing their digital assets. The insurance can only be used for tokens and cryptocurrencies on the GBX and does not extend to other exchanges but does cover both hot (online) and cold (offline) wallets.
GBX is a subsidiary of the Gibraltar Stock Exchange (GSX) and has fundraised $27 million in 2018. The exchange has a total 24-hour trade volume of $8.5 million, making it the 60th most used exchange on CoinMarketCap according to adjusted trade volume. GBX is officially licensed by the Gibraltar Financial Services Commission (GFSC), making it attractive to those seeking regulated platforms for crypto trading.
GBX CEO Nick Cowan is excited to announce their new insurance offering and feels it is a step in the right direction not only for the exchange but for the industry stating,
“This represents an important step in attracting users who require strict assurances around the security of their assets. This offering is only possible because of the confidence derived from the fact that the GBX has always been committed to building a platform focused on the highest regulatory standards and the strictest due diligence processes.”
While GBX isn’t first, following in the footsteps of Gemini exchange, founded by the famed Facebook Winklevoss twins, they are opening the doors to prove this practice could become an industry standard. Coverage for digital assets is possible and viable, in addition to being attractive for not only