Gibraltar Blockchain Exchange To Offer Crypto Insurance

Gibraltar Blockchain Exchange To Offer Crypto Insurance

December 11, 2018 11:37 PM

The policy will insure hot and cold wallets and all forms of professional indemnity.

The Gibraltar Blockchain Exchange (GBX) will begin providing insurance for digital assets stored on its platform, according to a December 10 announcement on the exchange’s website.

Per the announcement, the GBX has finalized the drafting of an insurance policy in collaboration with Gibraltar-based Callaghan Insurance, which will be responsible for administering the policy.

The policy will insure digital assets listed on the GBX exchange and will cover both cold wallets (stored offline) and hot wallets (stored online). The announcement also states that “the new insurance coverage…covers all forms of professional indemnity.”

For those readers unfamiliar with professional indemnity insurance, it provides insurance coverage for certain professionals who allegedly provide inadequate services to their clients/customers. The insurance covers legal costs and expenses in defending claims such as malpractice, breach of duties, and professional negligence. It is unclear to what extent such coverage will benefit the average customer with digital assets stored on the exchange, and the announcement fails to go into further detail.

The GBX recently obtained full regulatory approval from the Gibraltar Financial Service Commission by receiving a “Distributed Ledger Technology (DLT license).” But, outside the island, it is far from the first financial services company to provide its clients with digital asset insurance.

In August, Reuters reported that cryptocurrency storage platform Kingdom Trust had acquired cryptocurrency insurance coverage through long-established insurance provider Lloyds of London to protect its customers against “theft and destruction of those assets.”

Additionally, in October, the head of risk at Gemini, Yusuf Hussain, announced that the exchange was going to insure funds held in wallets stored online as such wallets were more vulnerable to theft.

(The GBX was unavailable for comment by press time.)

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Gibraltar Blockchain Exchange, GBX or other Ethereum wallets and exchanges news.

Source: Gibraltar Blockchain Exchange To Offer Crypto Insurance

New Nimbus-T Telegram Channel.

New Nimbus-T Telegram Channel.

Nimbus-T Global GmbH (Switzerland) is focused on secure identity management and blockchain solutions for healthcare.  On-boarding of patients and doctors to a new platform that will provide a security token called a Nimbus-Key, an encrypted global Identity credential that will link to other identity credentials while protecting them.  As you know, your medical records are in different locations, many locations, each with a different ID and some being duplicated.  Integrity of data entry into the healthcare record is critical for your own safety.  Use cases for our security solutions are focused on secure on-boarding for clinical trials, hospital systems and ACOs, health plans, universities and self-insured employers.

Nimbus-T TokenWe are working on a coming ICO for a Nimbus-T token (NT) a ERC-20 compliant token on the Ethereum platform.

Nimbus-T token and Nimbus-Key system will change healthcare delivery and payment dramatically!  Peer to peer payments without an intermediary.  Imagine the increased efficiency and how we can do away with “paperwork”.  Image being able to tell any healthcare system or provider that you want a copy of your medical record so that you can securely store it yourself on our Nimbus-T Medical Vault?

Also, please note, Nimbus-T inc (USA) is our company developing secure identity management solutions around the Nimbus-Key Platform.  We are devoted to protecting you from fraud and abuse.  Your identity should always be secure and protected.

GDPR or the new EU security standards are so important and we applaud the development.  We are working on a “permissions engine” that will allow for compliance of medical access to health  information for clinical trials and other uses that are deemed appropriate.

Telegram logoWe are now launching our New Nimbus-T Telegram Channel.  Please join us!

A new revolution in healthcare is coming and you can be part of it.

Cutting​ into​ cost​ growth​ without​ an​ ACO

Cutting​ into​ cost​ growth​ without​ an​ ACO

Photo Getty Images

Mohawk Industries, a flooring manufacturer with roughly 21,000 U.S. employees, has achieved a level of success in its wellness activities that would make most employers envious.  The company, based in the northwest Georgia town of Calhoun, currently self-insures about 32,000 people— staffers and their dependents. Mohawk has limited its total medical spending growth to an average of 2% per year for the past eight years. It has done so with closely managed on-site medical clinics, without creating a narrow network of providers and also without an accountable care organization.

(more…)