BitBuy, a cryptocurrency exchange based in Toronto, will be offering complete insurance on all Bitcoin deposits, CoinTelegraph has reported on.
According to a press release shared with the publication, this insurance will be held in cold storage and is doable thanks to the group’s partnership with Bitcoin custody provider Knox.
Speaking on the matter is Alex Daskalov, the CEO of Knox, who had said:
“The funds that Bitbuy are transferring into our custody system are insured for the full value of the holdings, and this is effective immediately.”
As is always the case with cryptocurrency, the more security, the better. That said, this security shouldn’t be complex. Knox knows this, and is reliably building a space for users to store their assets.
Dean Skurka, the head of finance and compliance at the group, says:
“Knox has never lost Bitcoin, and this is an event with an especially low expectation. … Read more