On episode 78 of the Wild West Crypto Show, ‘Insurance in Cryptocurrency’, straight-shooting crypto cowboys Drew Taylor and Brent Bates, hosts of the show, were at it again, bringing their loyal fans up to speed on developments in the space. This time, the two hosts welcomed guest Brandon Brown from nobl Insurance, who assured listeners, “If you’re hacked, we have you covered.”
Brown announced that nobl is planning to offer insurance for crypto assets – a welcome development, since crypto scams abound. CipherTrace’s Q2 2019 Cryptocurrency Anti-Money Laundering Report noted that “aggregate crypto losses [have] reached $4.3 billion this year on the back of one particular exit scam, Plus Token,” which took Asian retail investors to the cleaners for $3 billion (http://nnw.fm/2plPK). Together, hacking and ponzi schemes such as Plus Token show why crypto is often likened to the Wild West-era of the nineteenth century.
Despite the vulnerability to hacking, only 10 percent of those holding crypto assets keep their digital currency exclusively in offline cold storage, which is the gold standard for cryptocurrency storage, according to a recent study commissioned by nobl (http://nnw.fm/WrER7). For those with crypto in hot wallets, protection in case of unauthorized access to the wallet or data breaches at the exchange level is sorely needed. Unfortunately, even the most stringent security defenses will not keep all hackers out, necessitating an indemnification vehicle such as nobl crypto insurance. Moreover, crypto insurance offers an additional benefit: as safeguards against losses are strengthened, many more retail investors are likely to venture into crypto assets.
CryptoCurrencyWire Communications Director Jonathan Keim also appeared on the show, fresh from his trip to Coinvention 2019 in Philly where he had been taking the pulse of the industry. Keim noted that global cryptocurrency platform Liquid.com announced the launch of an initial exchange offering (IEO) by Phunware Inc. (NASDAQ: PHUN) (http://nnw.fm/YaEk4). Phunware provides a fully integrated enterprise cloud platform for mobile, and its IEO will offer Phun utility tokens (“Phun”) for sale on the Liquid platform.
In other news, in honor of National Coffee Day, which was celebrated September 29, Social Finance (SoFi) announced that all SoFi Invest members, along with others who invest at least $5 on the SoFi Invest platform over the next month, will receive a free coffee drink at Australian-inspired hospitality and lifestyle-brand Bluestone Lane (http://nnw.fm/N6oKX). The promotion is designed to introduce millennials to personal finance through an appeal to their coffee-drinking habits.
Finally, Chainalysis, the blockchain analysis company, announced the successful deployment of its compliance solution to Bittrex, the premier U.S.-based blockchain trading platform, across more than 10 cryptocurrencies (http://nnw.fm/7PYGu). Bittrex will use Chainalysis Know Your Transaction (KYT) to meet new and existing regulatory and compliance standards and establish a safer, more secure platform for its users.
For the latest episode, which includes CryptoCurrencyWire’s ongoing segment featuring the latest news from around the world, visit http://nnw.fm/Q57Zb
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