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Crypto trading Coinbase is looking to launch an insurance company

2019-07-10 02:21 pm | Resource: News Section | No Views : 56

Crypto trading Coinbase is looking to launch an insurance company The US-based Crypto Trading Coinbase is looking to launch the country's largest insurer, CoinDesk said Wednesday (July 10th).
According to the report, sources told that the Cryptocurrency trading Coinbase is looking to launch its insurance company in partnership with Aon Insurance Brokerage.
According to the director of accounting news CPAJournal, "An insurance company is a subsidiary created by a private company to finance its retained earnings in a formal structure under the supervision of an appropriate government insurance department."
Such a solution would allow the company to keep the money that will normally be spent on the premium, and all Fortune 500 companies are said to hold captive insurance companies.
The report pointed out that the Crypto trading exchange and the Aon are considered a subsidiary insurance company a possible solution to the alleged lack of insurance available in the circulation of digital currency.
According to the report, currency swaps often allocate some encoded assets to cover any asset losses in case of a breach. However, this approach lacks formal structure and allows the company to access funds for any other reason, thereby reducing coverage. With the insurance company, funds will be organized, audited and separated.
While neither Aon nor Coinbase have been asked about their cooperation, it is reported that the insurance giant revealed that it had created the industry's first insurance this year for an unnamed customer.
Jacqueline Quental, Managing Director and Chief Financial Officer at Aon, noted that digital currency exchanges are increasingly considering this solution.
Quintal said:
"There is a lack of capacity and some are not comfortable with what is available in the market and are looking for alternative solutions." I think the path for most people is to buy a bit of conventional insurance first and then explore alternative structures, including the possibility of grabbing them. "He said.
Previously, last April, it was reported that the Crypto Trading Coinbase revealed details of its insurance coverage for its holdings in the hot portfolio, which covers $ 255 million through a registered broker at Lloyds in London.

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