Insurance study finds Kraken, Bittrex, Coinbase Pro among safest exchanges
A joint venture between cybersecurity firm Group-IB and Swiss insurance broker ASPIS SA, through its CryptoIns platform, has classified cryptocurrency exchanges by insurance risk, finding the Kraken exchange to be the most secure.
According to online tech magazine The Next Web, the developers of what is claimed to be the first scoring model for security of cryptocurrency exchanges, looked at level of technical security, and reliability in storing keys, passwords, and personal data. Also considered are risk management systems and availability of anti-money laundering/know-your-customer (AML/KYC) guidelines, as well as independent ratings.
“In some cases, with founders’ consent, the assessment includes penetration testing using social engineering methods aimed at the network compromise through the most vulnerable link at any organization – humans,” a representative of Group-IB was quoted as saying.
“According to our estimates, Kraken is the most secure exchange, with 1.25 percent insurance rate” for a period of 90 days, Group-IB said, putting the exchange in the first, most secure group.
The next group consisted of Bittrex and Coinbase Pro, with a 1.5% premium assigned to them.
The third group, with a 1.9% premium, is where most of the assessed exchanges were included: Binance, BitFinex, Bithumb, Bitmex, Localbitcoins, MyEtherWallet, and Poloniex.
In the last group were OKEx, Huobi Pro, and CoinCheck, although many more were excluded that were deemed too risky to insure at all.
The maximum amount insured by CryptoIns is about $100,000, and premium payments can be made with around 100 different cryptocurrencies.
According to the Security Affairs website, CryptoIns sees the cryptocurrency insurance market amounting to $7 billion by 2023. The insurer’s CEO Timofey Volkov said, “Currently, approximately 3,600,000 BTC are stored in user accounts on cryptocurrency exchanges, making this market highly attractive for hackers… The challenge for insurers is how to cover emerging risks for customers in a young industry formed by completely new technologies and relationships between market participants.”
A study by blockchain forensics firm CipherTrace has pointed out that 2018 is the first year where cryptocurrency thefts will amount to over $1 billion. $927 million has already been stolen in the first three quarters of the year, much of which was taken from cryptocurrency exchanges.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Bittrex has added Bitcoin Cash (BCH) support to its USD fiat markets, becoming the latest in a series of major exchanges and merchants to on-board the cryptocurrency in recent weeks.
In yet another vote of confidence for Bitcoin BCH, the U.S.-based Bittrex platform announced the move to its 737,000 followers on Twitter, saying: “Launch Update: Bitcoin Cash (BCH) has been added to the USD (Fiat) markets. Eligible #Bittrex accounts created before September 4 are enabled for trading.”
Launch Update: Bitcoin Cash (BCH) has been added to the USD (Fiat) markets. Eligible #Bittrex accounts created before September 4 are enabled for trading. New user or want to deposit US Dollars directly? Request here: https://t.co/KA248OA2Bz pic.twitter.com/CYu79UBA2m
— Bittrex (@BittrexExchange) October 3, 2018
No initial deposits are required for personal accounts trading with fiat, according to Bittrex, explaining, “If you decide to deposit USD, it is a $1,000 minimum per wire transfer.”
The announcement provides another gateway for retail users as well as investors between U.S. dollar and Bitcoin BCH, as it continues to gain traction as the foremost cryptocurrency of choice for payments. On Reddit, user Twoehy called the announcement “great news,” noting that “Everything that helps wean people off of BTC as some sort of ridiculous crypto ‘reserve currency’ is a good thing.”
Founded in 2013, Bittrex is the 13th largest cryptocurrency exchange by trading volume, and the latest to get behind BCH as the cryptocurrency which most closely reflects Satoshi’s original vision. In particular, the Bittrex platform is renowned for being one of the most secure of its kind, which will appeal to investors looking for a secure, cost-effective cryptocurrency for USD.
It comes at a time of increasing support for Bitcoin, both from merchants and cryptocurrency businesses who value the fast speeds, low costs and enhanced security measures offered by BCH. it also coincides with significant rallies in Bitcoin BCH price this week, as momentum continues to build behind the currency.
Over the last few days, crypto exchange Gemini announced it had been approved to list Bitcoin BCH, with an announcement on a go-live date expected soon. The exchange is run by the Gemini Trust, an organisation founded by the Cameron and Tyler Winklevoss.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
The post Bittrex launches support for Bitcoin BCH trading in USD markets appeared first on Coingeek.
