According to a press release on February 4, Independent Reserve will partner with Lloyd’s of London an insurance provider. Who will offer insurance coverage to its Independent Reserve exchange users.

The policy is aimed covering clients against loss or theft of any cryptocurrency held by a trading account in Independent Reserve exchange account.

Independent Reserve, is an Australian bitcoin and cryptocurrency exchange, announced today it has become the first cryptocurrency exchange in Australia to offer insurance coverage to its clients.

Commenting on the announcement, Adrian Przelozny, CEO & founder of Independent Reserve,

“Organizations in Australia and abroad are careful of respects to putting resources into digital forms of money and issues identifying with direction, value unpredictability and security are investigated inside and out. Protection is the following coherent advance for our trade in this quick developing industry. Our new protection offering will bring new, significant and institutional capital into computerized resources that was once sidelined. The Lloyds-guaranteed strategy is an expansion to the various layers of security Independent Reserve have been utilizing to ensure advanced resources for 100,000 clients in the course of recent years.”

The cryptocurrency exchange stated that it has also been working closely with various Australian regulatory bodies including AUSTRAC to formulate AML/CTF regulatory frameworks for the industry.

However, Independent Reserve put it clear that it doesn’t cover loses as a result of unauthorized access to any account or market volatility. Also, it doesn’t cover hacking of an individual account or any case of identity fraud.

“The acknowledgment of this arrangement by the biggest safety net provider on the planet is a demonstration of positive support in our corporate administration, strong hazard the executives & security conventions & an indication of their responsibility to working with just the most astounding quality accomplices,” Mr. Przelozny included.