Startup Offers Insurance to Coins, Hopes to Bolster Safety

April 23, 2020 2:25 PM UTC

Vertex.Market recently managed to raise around $1.1 million from private investors and has announced and explained its new Insurance model available for sellers and buyers.

Vertex is using an Insurance model and has two different types of insurance for its customers.

Insurance for cryptocurrency payments can make a significant difference in absorbing the negative stigma associated with the difficulty of securing cryptocurrencies, which is consistently worsened by headline of exchange hacks.

Insurance Models

The wallet insurance is put in place in case a Vertex customer loses access to its wallet or gets hacked. This is an innovation unaddressed by typical insurance products as most of them do not cover hacks.

Users can choose to use the insurance by paying a small premium dependent on the number of funds they seek to insure.

There is also a trade insurance model for sellers and buyers. If a person is scammed, especially as a seller, the insurance can cover all the losses if it can be proven that there was indeed a scam.

According to an official announcement by the project, it doesn’t matter which payment system insurers are using, the insurance will always be applicable, Paypal included.

Our number 1 priority is the safety of your funds. We know users need extra protection when dealing with other users in a P2P environment, that’s why we have implemented a new Insurance Model designed to protect our customers at all costs.

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