Gemini, a U.S. exchange, applies insurance coverage from global firm Aon to stored assets
Increased trust for the entire cryptocurrency industry
Aon, based in the United Kingdom, employs 69,000 people and operates in 120 countries, providing “wide-ranging risk and medical solutions” to retirees and their families of more than 100 Fortune 500 companies. According to Business Insurance, Aon was ranked the world’s largest insurance broker by revenue in 2011.
Yusuf Hussain, Head of Risk Management at Gemini, said, “Consumers are demanding the same level of insurance protection that traditional financial institutions have provided.”
“Educating our insurance company not only allows us to offer protection to our customers, but also raises consumer protection expectations across the entire cryptocurrency industry.”
At the end of August, it was reported that Lloyd’s of London, a major global insurance association and reinsurance market, would participate in the cryptocurrency space. Lloyd’s plans to insure virtual currencies held by Kingdom Trust, a U.S. custodian, through insurance broker SDBIC in Chicago. Kingdom Trust currently supports storage of more than 30 types of virtual currencies.
