Cryptocurrency insurance company Blockchain Deposit Insurance Corporation (BDIC) has announced a new cryptocurrency insurance platform to protect digital currency wallet holders against exchange failures and cyber exploits.
The insurance platform utilizes a risk assessment model with multiple coverage layers and takes into account wallet holdings, account longevity and security measures.
The company aims to introduce “institutional grade security” into its cryptocurrency ecosystem.
By leveraging blockchain technology, BDIC aims to use “smart contracts” to streamline claim processing and risk assessment.
This approach provides coverage of eligible cryptocurrency wallets and digital assets.
BDIC’s underwriting infrastructure will be rolled out in the second quarter of 2025, including Hong Kong, Singapore, Japan, Taiwan and South Korea.
The company outlines plans for expansion into Southeast Asia by the fourth quarter of 2025, and aims to provide a wider Asia-Pacific coverage by 2026, with a focus on Hong Kong closer to Hong Kong.
BDIC will introduce native token BDIC Coin in the second quarter of 2025. The token is set up to support the BDIC Foundation Reserve Fund and is used to settle premium payments, governance votes and claims.
BDIC also introduces “white list” and compliance protocols to ensure a safe and solvent “toknomics” structure.
To support operations, we will set up local offices in each market where we serve, along with administrative and supervision appointed to oversee each location.
“We’re excited to be able to help you get the most out of our business,” said BDIC CEO Jeffrey Glusman. BDIC introduces a new paradigm in digital asset protection to protect users’ holdings using sophisticated risk assessment algorithms and real-time monitoring.
“BDIC’s insurance framework is designed to expand as this market grows, and is essentially promoting institutional and retail trust in daily trading and long-term asset ownership cryptocurrency adoption. It provides protection.”
Released earlier this month, BDIC is an international company with a US-based blockchain deposit insurance consultant group.
“BDIC announces Crypto Insurance Platform” was first created and published by Life Insurance International, a brand owned by GlobalData.
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