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Canadian Crypto Exchange Shakepay Secures Cold Wallet Insurance
Summary: Canadian crypto exchange Shakepay has secured an insurance policy for its cold wallets to protect customer funds through insurance provider Aon. The policy is underwritten by insurers from Lloyd's of London, according to an announcement on Wednesday, August 26. Shakepay hired blockchain forensics firm CipherBlade to audit the company's reserves and security policies. Shakepay supports ...
Canadian crypto exchange Shakepay has secured an insurance policy for its cold wallets to protect customer funds through insurance provider Aon. The policy is underwritten by insurers from Lloyd's of London, according to an announcement on Wednesday, August 26.
Shakepay hired blockchain forensics firm CipherBlade to audit the company's reserves and security policies. Shakepay supports Bitcoin buying and selling but tries not to hold on to crypto funds longer than necessary, a measure which protects customer's funds if the exchange is hacked.
CipherBlade audited Shakepay's reserves and found that on paper the exchange fully backs customers' holdings. Shakepay’s new insurance covers all funds held in cold storage meaning physical theft of all funds where private keys are held. However, the policy does not provide individual insurance.
By Emily Mason
Tags: Blockchain Analytics,Cipherblade,Crypto Insurance,Shakepay
Link: Canadian Crypto Exchange Shakepay Secures Cold Wallet Insurance [Copy]
