Insurers Cashing in on Cryptocurrencies

Cryptocurrencies are providing a new line of business for insurers, according to Bloomberg. The cryptocurrency market has been a hotspot for fraud and theft. As a result, insurers can charge crypto-related companies five times or more what they’d charge a traditional business for loss or theft coverage. One crypto business executive told Bloomberg the exclusions in the insurance policies can make them “close to useless.” Also, coverage often falls short of potential losses.

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