US Crypto Giant Coinbase Details $255 Million Customer Insurance Program
Coinbase is taking the threat of criminals hacking activity seriously, and to prove it, the exchange revealed the details of its crypto insurance policy program this week.
It’s held a hot wallet policy with a $255 million limit since 2013. The policy is facilitated through Lloyd’s of London.
In a post about its insurance, the exchange’s Chief Information Security Officer, Philip Martin, stated:
The data is clear that, today, the most likely consumer loss scenario for any cryptocurrency company is hot wallet loss due to hacking.
Worst Case Scenarios Covered
Coinbase’s insurance policies give its customers some peace of mind that the cryptos they hold at the exchange are protected from losses.
Martin wrote:
“If the worst happens and Coinbase loses customer funds, customers deserve certainty that they will be made whole.”
