Two bitcoin exchanges in Japan are launching insurance coverage merchandise aimed toward stopping losses tied to failed transactions.
According to a report from Nikkei, bitFlyer is working with Mitsui Suitomo Insurance, a subsidiary of MS&AD Insurance Holdings Group, which presents non-life insurance coverage merchandise. That product is alleged to be going reside in the present day.
Coincheck, one other home bitcoin alternate, is pursuing the same product launch in conjunction with Tokio Marine and Nichido Fire Insurance.
While the precise coverage particulars aren’t instantly out there, the merchandise are mentioned to be aimed toward shoring up confidence in digital currency transactions. In the case of bitFlyer, the coverage would cowl losses for retailers that settle for bitcoin in the occasion buyer transaction does not undergo as a result of technical issues.
“The hope is that more stores will adopt bitcoin as a payment method if they are not forced to simply eat such losses,” the publication wrote.
The transfer comes months after Japan’s authorities acknowledged bitcoin as a kind of legal payment method, a coverage shift that additionally shaped an oversight framework for digital currency exchanges in the nation.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an possession stake in bitFlyer.
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