Japan: Bitcoin exchanges are now offering insurance products

Two Bitcoin exchanges in Japan have included insurance products in their portfolio, which aim to compensate for losses due to faulty transactions.

According to a report from Nikkei, the stock market bitFlyer cooperates with the Mitsui Suitomo insurance company. Coincheck will also offer insurance products in cooperation with the insurers Tokyo Marine and Nichido Fire Insurance.

More detailed details on the insurance services have not yet been disclosed. In this way, insurance companies are to increase their confidence in digital currencies and transactions. BitFlyers are to be able to insure dealers, among other things, to protect themselves against losses caused by the fact that customer transactions can not be settled due to technical problems.

Hope is that more shops will then accept Bitcoin, if there are insurances, which in case of damage occur. Considering that the Bitcoin adaptation in Japan is massively advanced and over 260,000 traders already accept Bitcoin, it is also obvious that insurance products are created. Whether the insurance is meaningful is another question.