GBX Offers Robust Insurance on Crypto Assets: What You Need to Know

The Bold Step of GBX into Insurance

In a move that brings both confidence and curiosity to the crypto world, the Gibraltar Blockchain Exchange (GBX) has announced on December 10 that it’s rolled out an insurance policy on all the assets listed on its platform. You heard it right; they’re putting a safety net around your digital gold!

Why Insurance Matters in Crypto

Insurance in the cryptocurrency landscape isn’t just a fancy upgrade; it’s become a necessity! With the rise and fall of crypto prices and unfortunate hacking incidents like they’re going out of style, having your tokens insured can make a world of difference. After all, wouldn’t you sleep better at night knowing your assets are coated in a protective layer?

• Hot Wallets: These are connected to the internet, making them convenient but vulnerable. GBX’s policy proudly states that your hot wallets are fully insured.
• Cold Wallets: Secure and offline, but still need coverage. GBX has your back here too.

Local Expertise with Callaghan Insurance Brokers

GBX teamed up with local champions, Callaghan Insurance Brokers, to secure this insurance deal. The brokers know their stuff, being a privately held firm based in Gibraltar, where regulations and financial watchdogs abide. With a director who is also on the board of the Gibraltar Financial Services Commission (GFSC), it’s safe to say that your crypto is in good hands!

The GBX Journey So Far

Launched in July, the GBX has hit the ground running! The exchange has raised a robust $27 million in funding. Impressive, right? Just in the past 24 hours alone, it recorded $8.5 million in trades, positioning itself at number 60 among exchanges by adjusted trade volume on CoinMarketCap.

The Regulatory Environment is Getting Serious

Speaking of serious business, last month saw GBX awarded a license by the GFSC, adding another feather to its proverbial hat. Meanwhile, the local government is not just sitting on the sidelines. They’ve jumped into action by forming an advisory group aimed at developing blockchain-related educational courses. Because apparently, knowledge is power—especially in this wild west of finance!

Following in the Footsteps of Other Insured Exchanges

GBX is not alone in this venture. The Winklevoss twins’ Gemini did similar magic just last month, getting coverage for its custodied assets through insurance firm Aon. Looks like we’ve got a trend brewing in the exchange world!

Looking Ahead

As GBX strides forward with this insurance initiative, it’s clear they’re setting themselves apart and leading the charge for safer trading environments in the crypto space. In the uncharted waters of digital assets, having an insurance policy feels like jumping in with a life raft, rather than a rubber duck!