The Bittrex offline storage service is now the best supported among the most popular crypto ecosystem exchanges.
The renowned US-based international exchange, Bittrex, announced that customers will be able to keep up to USD $300 million in cryptocurrencies safely in their cold storage service (offline), representing this figure one of the largest coverages managed by a exchange platform under this modality.
The CEO of Bittrex, Bill Shihara, reported that the coverage offered by the exchange aims to provide users with greater peace of mind in terms of managing their funds.
Bittrex coverage for offline storage
The cold storage service, also known offline and/or vault, consists of the protection of cryptocurrencies in wallets that are not connected to the internet, so the attackers would not have access to these assets through the most used methods to violate the software used by users, thus translating into one of the safest mechanisms to store digital currencies.
The new crypto fund coverage policy is backed by Arch Syndicate 2012, a company that provides specialized insurance for corporations. Also the Lloyd’s London union, one of the largest insurance markets in the world, positively valued this new option for exchange customers.
Bittrex will also support the funds in your vault, to safeguard them in case hackers or hackers try to steal those assets. This was confirmed by Sarah Downey de Marsh (a company that advised on the process), who said that “This insurance plays a critical role in the growth and development of any business, including those that work with Blockchain technology and cryptocurrencies.”
The cryptocurrency hedge market
With this announcement, Bittrex becomes part of the exchange group that offers extensive coverage for crypto funds deposited by users.
Among the companies in this ecosystem that originally offer this type of coverage is Gemini Exchange, the exchange platform owned by the Winklevoss brothers, which earlier this month opened its own insurance company to support up to USD $200 million of users your service.
The company that originally held the record with the highest coverage for crypto funds was Coinbase, whose platform supports up to about USD $225 million in the platform’s online wallets.