The finance house Mitsubishi Trust and Banking is currently working on a solution to offer users of crypto exchanges insurance that access a stock market hack / crash.
It’s not a secret that crypto exchanges are popular targets for hackers, so the fear of losing their deposits on crypto exchanges is very high among many investors. Even though the collapse of the Mt. Gox Exchange has been over three years and the security measures taken by the crypto exchanges have improved since then, there is no guarantee that similar collapses will not happen again.
Accordingly, it makes sense that at the heart of crypto-commerce, Japan, where about 40% of Bitcoin’s total trading volume is transacted, solutions are being developed to protect customers’ deposits from cyber-attacks. The Mitsubishi UFJ Trust would therefore like to offer its customers to pay for lost crypto currencies if it comes to the closure or hack of the exchange platform – for a fee, of course.
To this end, all stock exchange transactions would be recorded by the bank, so that it is always possible to understand exactly how correct the stock market situation is. Such a connection should exist for the first exchanges in April next year and for the time being only for Bitcoin, as the Nikkei Asian Review reports.
The fact that it is no longer necessary to rely on a stock market start-up, but to enjoy the protection of a large Japanese financial group, should make many investors overlook the additional fees.
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