Bitcoin Insurance Schemes Gaining Traction

Several companies are exploring the idea of offering insurance on Bitcoin holdings.

A central criticism of Bitcoin is that Bitcoin wallets are uninsured, not by the FDIC or a private entity.

Among those looking to fill this market gap is Elliptic, a wallet service based in London that is partnering with Lloyd’s of London to offer insurance plans, American Banker reported on Jan. 22.

An insurer in New York, Founder Shield, is working on an insurance solution for Bitcoin service providers, and a startup located in Boston called Inscrypto is looking into offering an insurance scheme based on a derivatives trading model.

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