New Crypto Security Solution Protects Bitcoin, Other Digital Assets From Theft
Because cryptocurrencies lack regulation, they cannot be insured by the Federal Deposit Insurance Corporation (FDIC) like regular bank deposits.
Boost Insurance and its InsurTech partner Breach Insurance have introduced Crypto Shield, a cryptocurrency insurance solution.
According to ZDNet, the service would be used whenever cryptocurrencies are stored through exchanges such as Coinbase or Binance in the United States and other countries.
Retail wallet owners may use Crypto Shield to protect their bitcoin against theft. People who Crypto Shield insures may be compensated for the value of their coverage if the custodian is hacked or falls victim to a social engineering attack, leading to the loss of assets.
Crypto Shield, which became online on February 15, is primarily concerned with bitcoin theft and crypto security. Shield protects 20 cryptocurrencies, including Bitcoin, Ethereum, Ripple, Tether, Solana, Dogecoin, and stablecoins.
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