Respected digital currency exchange Independent Reserve has declared it is now offering insurance coverage to clients who intend trading Ripple’s XRP, Bitcoin (BTC) and some other notable cryptocurrencies.
The insurance, according to Independent Reserve, is to be endorsed by Lloyd, the world’s leading insurance provider based in London, United Kingdom.
The insurance policy put in place covers loss or theft of digital currency that is stored in user’s trading accounts.
However, the insurance does not hold for losses from volatility or unordered access to trading accounts, meaning it does not involve losses form hacked accounts or frauds.
The development, no going back, is a boost for cryptocurrency.
CEO of Independent Reserve, Adrian Przelozny, opined that the latest innovation is a big move for the crypto world as well.
“Institutions in Australia and overseas are cautious with regards to investing in cryptocurrencies and issues relating to regulation, price volatility and security are explored in depth,” Andrian stated, adding that “insurance is the next logical step for our exchange in this fast-maturing industry.
The Lloyds-underwritten policy, according to Andrian is a plus to the increasing security development the Independent Reserve has added to protect its over 100,000 customers in the last 5 years.
The platform, which was founded in 2013, has designed a proprietary, institutional grade trading platform to makes it easy for its Australians to trade Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Litecoin (LTC), and some other digital assets.
Ripple’s Xpring Invests In Dharma
Xpring has indicated that it is supporting and has also invested in Dharma alongside Green Visor Capital.
The team behind Dharma invented the Dharma protocol for decentralized lending businesses.
Meanwhile, the Dharma Labs, which oversees everything related to Dharma has a maiden product branded as Dharma Lever (now in alpha phase) that enables loans for big crypto holders and traders.
The growing startup got $7 million funding to build the product. Investors in the idea include Rippple’s Xpring, Passport Capital Blockchange, Y Combinator, Polychain, and Coinbase Ventures.