Gibraltar Blockchain Exchange Secures Insurance for Assets

Insurance Coverage: A Game Changer for Crypto Exchanges

The Gibraltar Blockchain Exchange (GBX) has taken a bold step by announcing comprehensive insurance for all assets listed on its platform. This move could be a game-changer for the crypto landscape, especially considering the dark stories of lost funds that haunt the industry.

Partnering with Callaghan Insurance Brokers

According to a blog post dated December 10, GBX will collaborate with local specialist Callaghan Insurance Brokers to provide coverage. The insurance solution includes all assets held in GBX’s custody, covering both hot and cold wallets. Every transaction and stored asset will now have a comforting layer of security.

Understanding the Coverage

The insurance policy isn’t just a blanket statement—it also covers all forms of professional indemnity. What this essentially means is that users will be shielded from various risks, providing that extra peace of mind in a volatile market.

About GBX: Quick Stats

• Founded: July 2018
• Total Funding Raised: $27 million
• 24-hour Trading Volume: Approximately $8.5 million
• CoinMarketCap Ranking: 60th in adjusted trade volume

Regulatory Backing and Community Interest

GBX operates as a subsidiary of the Gibraltar Stock Exchange (GSX). Last month, they received licensing from the Gibraltar Financial Services Commission (GFSC), highlighting the importance of regulatory compliance in this sector. This endorsement can bolster user confidence amidst a sea of uncertainty surrounding crypto regulations.

Gibraltar’s Commitment to Blockchain

The local government of Gibraltar demonstrates a keen interest in blockchain technology’s potential. A recent initiative includes launching an advisory group focused on developing educational courses related to blockchain. It seems that while the technological world continues to innovate, Gibraltar is equally dedicated to ensuring its regulatory framework evolves too.

Learning from Other Exchanges

GBX is not the pioneer in securing asset insurance. Notably, Gemini, founded by the Winklevoss twins, also partnered with insurance firm Aon to secure coverage for its digital assets. This trend may encourage other exchanges to follow suit in a bid for legitimacy and user trust.