Japan is still preparing for Bitcoin's future massive demand throughout the country, promoting the adoption of the cryptographic currency among the country's businesses. In the midst of this turmoil, two of the nation's largest Bitcoin exchange houses have decided to launch insurance services for merchants who accept bitcoins at their points of sale with a view to covering any losses due to failed payments on the network.
According to local media , the exchange businesses BitFlyer and Coincheck partnered with two national insurers to offer protection to merchants and customers using cryptoneses as a payment method through policies that cover and cover poorly processed transactions and possible hacking.
BitFlyer announced on Friday its alliance with Mitsuo Sumitomo Insurance Holding Group, better known as MSIG, to offer loss coverage services due to technical problems or other mishaps with bitcoin funds on its platform; Being the first service of its kind throughout Japan. The movement aims to motivate the adoption of Bitcoin at a national level that is becoming more fruitful.
This is not the first time that the two companies are associated with such as to offer insurance to the world of the criptomonedas. In November 2016, BitFlyer and the insurer established a first cyber-insurance policy for businesses working with Bitcoin in the country, creating compensation packages for any type of cyber-attacks.