The Singaporean Bitcoin exchange Becomes the First Asian Exchange to Fully Insure Bitcoin Reserves

CoinHako (Bitcoin wallet service for consumers to buy, sell and secure their Bitcoins) announces that it is the first ever Asian exchange that fully insures Bitcoin reserves. Originally founded in Silicon Valley, it is based in Singapore. Nonetheless, the insured Bitcoin services according to the company will attract lots of customers.

When CoinHako Co-Founder Yusho Liu was asked what the company insured means for their customers, and what made them decide to implement the insurance system, the reply came that being insured means that users’ deposits in CoinHako’s hot and cold wallets are now insured against hacking and theft.

However, he clarified that the insurance does not cover Bitcoin lost or stolen as a result of an individual user’s negligence to maintain secure control over their login credentials. Yusho Liu also informed that the company had plans on integrating BitGo’s multi-sig security even before they announced the insurance-based offerings.

Nonetheless, Yusho Liu also admitted that having the wallets insured is a huge plus for the company, and especially so for the users as it gives them assurance that funds are safe. The company puts security at the front of the requirements from customers as many of them are scared after some hacking attempts taking place in the past.

The Singaporean Bitcoin exchange has made it clear that it gives priority to security when it comes to CryptoCurrency. It mentions Mt. Gox incident which lost Bitcoins worth millions of dollars in exchange. The company believes this is a big step forward for the industry, given the recent occurrences in other exchanges like Mt. Gox.