The UK’s crypto-currency banking platform, Ziglu, launched an insurance programme on 15 July for the digital assets held with the service. Under this new program, each customer’s holdings of crypto-currency are insured against cybercrime to the tune of GBP 50,000 (USD 63,000).
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Your clients‘ assets are held in segregated accounts, and the vast majority is stored in off-line cold wallets. These additional measures decrease the risk of theft by hacking or other means.
Multi-currency accounts (fiat and crypto)
As reported by Cointelegraph, Ziglu is the brainchild of Mark Hipperson, former head of technology at Barclays and co-founder of the UK’s challenge bank, Starling.
The service was launched last month and offers an account that allows its users to hold funds in multiple trust currencies, crypto-currencies and exchange them freely. Its fully transparent model ensures that there are no hidden fees or transaction charges and offers competitive exchange rates.
„One of the biggest concerns for users is the custody of their funds and cryptosystems. Ziglu’s insurance program provides peace of mind to our existing clients or those who are diving into cryptology for the first time.
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GBP 50,000 in coverage against „cybercrime“
Securing against „cybercrime“ clearly covers a wide range of possible attack vectors. We asked Hipperson what types of attacks were perceived as most likely to require such coverage:
„We expect active wallets to be targeted, but the types of attacks change rapidly, so our insurance covers a wide spectrum of attacks on digital asset wallets.
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The GBP 50,000 limit currently applies per customer, although Hipperson said Ziglu could expand this to include cryptomonies in the future.
More improvements in the future
Future additions planned for the service include direct bulk payments between friends, family and businesses, through banking networks. There is also talk of a Mastercard debit card.
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This debit card would allow its users to spend any currency they possess, including cryptosystems, anywhere in the world. The card will apply direct currency conversion at the point of sale, allowing its users to easily hold and spend crypto currencies along with their trust funds.