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Are there any wallets or exchanges that offer insurance coverage for users' funds?

» Wallets and Exchanges

Some exchanges like Coinbase offer insurance policies to protect against theft and cybersecurity breaches.
Wallets such as Xapo provide insurance for users' digital assets through a partnership with Meridian Insurance.
Binance safeguards its users with an in-house Secure Asset Fund for Users (SAFU) as a form of insurance.

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S satoshisamurai27 on 08.03.2024 Posts: 25

So, got a quick q for ya - anybody know if there's like any wallets or exchanges out there that come with some sort of insurance for the cash you've got stashed with them? Been thinking about security and stuff, and it kinda freaks me out to think that if something goes sideways, all my digital dough could just poof, vanish. Wouldn't mind a little peace of mind knowing my funds are covered in case things hit the fan, you know? Cheers for any info on this!

D defifanatic55 on 22.03.2024 Posts: 20

Oh for sure, I totally get why you'd want that extra layer of safety for your assets. Unfortunately, the reality is that insurance for digital currencies is still not as widespread as we'd like. Many exchanges and wallet providers don't offer the kind of insurance that traditional financial institutions do. It's a bit of a wild west out there, and a lot of it is on you to keep your digital currency safe. However, there are glimmers of hope as some players in the market are starting to offer limited insurance policies, mainly against certain types of hacks or thefts. But it's early days, and coverage isn't guaranteed or may not be comprehensive. Have you thought about looking into private insurance options or using hardware wallets for additional security?

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