A Welsh startup now offers insurance against hackers who focus on cryptocurrency in online portfolios.
Cardiff-based Coincover, which has received significant support from the Development Bank of Wales and Welsh Angel investors, insures virtual portfolios against theft and other malicious hacks.
The company has formally marketed its cryptocurrency insurance product, supported by a consortium of Lloyd & # 39; s or London insurers led by Atrium. The policy was developed in collaboration with Prospect Insurance Brokers.
"We are delighted to have worked with Atrium and members of the Lloyd & # 39; s Product Innovation Facility to provide such a unique and timely solution for the crypto asset market," said Coincover CEO David Janczewski.
"As the crypto asset market warms up again, a new wave of crypto-curious customers is ready to jump in, rather frightened by the lack of adequate protection against theft and loss.
"With this innovative new policy we can remove these barriers and broaden the appeal of crypto. It means a new step forward in enabling the acceptance of cryptocurrency."
James Gadbury, senior broker at Prospect, said: "We are delighted to have provided Coincover with this new insurance coverage, demonstrating the innovative and entrepreneurial spirit of Lloyd & # 39; s.
"We believe that Prospect and the broader insurance market should support this rapidly developing sector as it grows in the mainstream."