Tuesday, September 19, 2017

Mitsui & Tokio Marine to cover bitcoin trades

Major Japanese insurers Mitsui Sumitomo Insurance and Tokio Marine & Nichido Fire Insurance are set to offer compensation for failed virtual currency transactions.

Mitsui Sumitomo is partnering with Japanese bitcoin exchange bitFlyer to provide insurance for retailers for failed transactions that involve virtual currency.

The first of its kind in Japan, the insurance will cover damages if a customer payment does not go through correctly due to system problems or other issues.

In a press statement, bitFlyer said the virtual currency market in Japan has grown greatly and the number of businesses using it is also increasing.

Tokio Marine, meanwhile, is gearing up to offer a similar insurance product through its partnership with Coincheck, another Tokyo virtual currency exchange operator.

The cryptocurrency’s use is spreading to a broader range of businesses in Japan, resulting in the rise of fraudulent acts by malicious users, bitFlyer said.

 

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