New crypto security solution protects Bitcoin and other digital assets from theft
When people evaluate the unpredictability of the cryptocurrency market, they can see why crypto security is so important.
Online crypto wallets and exchanges have been hacked in large numbers in the past 24 months.
“Victim cryptocurrency value rose 82% to $7.8 billion by 2021,” Chainalysis’s most recent Bitcoin Crime Report shows.
Bitcoin, Ethereum and other cryptocurrencies are rising in value, and these findings show that cryptocurrencies operate in a chaotic environment that the traditional financial system ignores or refuses to recognize.
Crypto Shield: For crypto security
Since cryptocurrencies are not regulated, they cannot be insured by the Federal Deposit Insurance Corporation (FDIC) like regular bank deposits.
Boost Insurance and its InsurTech partner Breach Insurance have introduced Crypto Shield, a cryptocurrency insurance solution.
According to ZDNet, the service would be used when cryptocurrencies are stored through exchanges such as Coinbase or Binance in the United States and other countries.
Total crypto market cap at $1,734 trillion in daily chart | Source: TradingView.com
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Retail wallet owners can use Crypto Shield to protect their bitcoin from theft. People insured by Crypto Shield can be compensated for the value of their coverage if the custodian is hacked or fall victim to a social engineering attack, leading to loss of assets.
Crypto Shield, which came online on February 15, mainly deals with bitcoin theft and crypto security. Shield protects 20 cryptocurrencies, including Bitcoin, Ethereum, Ripple, Tether, Solana, Dogecoin, and stablecoins.
Bitcoin & Ether Latest Price Move
This week has started slowly for major cryptocurrencies. At the end of February, both Bitcoin and Ethereum are exhibiting negative patterns.
Bitcoin is now valued at $39,398.04, with highs of $39,537.5 and lows of $35,000 for the month. It has appreciated by about 0.60% since February 26 and is now unstable.
While Ethereum is trading at $2,800.62 at the time of writing, it is only up 1.55% in the past 24 hours. It has a recurring low of $2,681.79 and a recurring high of $2,855.22.
Both cryptos have lower returns than two months ago due to theft-related issues and the Ukraine-Russian war in the crypto market. Bullish tendencies are still likely as the year progresses.
Break through and strengthen Collaborating on security
Meanwhile, Boost and Breach teamed up to source and obtain reinsurance coverage from Relm Insurance, ensuring organizations’ participation in the cryptocurrency ecosystem.
“My team and I are excited to join forces with Breach’s concept for the first crypto insurance for retail wallet holders,” said Alex Maffeo, CEO and founder of Boost.
“Our goal is not only to make insurance simpler and more accessible to end users, but also to help creative companies like Breach develop new insurance products for neglected areas,” said Maffeo.
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Featured image of Changelly, chart from TradingView.com