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Japanese bitcoin exchanges launch loss insurance against failed transactions

02 July 2017 21:00, UTC

According to Nikkey Asian Review, two Japanese bitcoin exchanges announced insurance products aimed at preventing losses from bitcoin transactions.

Exchange bitFlayer announced cooperation with Mitsui Sumitomo Insurance. Such package, the first of its kind in Japan, was offered to bitFlayer clients on Friday. The insurance company will cover damages if a customer payment does not go through correctly due to different reasons.

Coincheck, another Tokyo virtual currency exchange operator, prepares to offer a similar insurance product together with Tokio Marine & Nichido Fire Insurance, a Tokio Marine Holdings subsidiary.

The Companies that have launched insurance products hope that more stores will use bitcoin for payments than before when they incurred risk of losses from failed transactions.