Coincheck, another Tokyo virtual currency exchange operator, is also gearing up to offer a similar insurance product by teaming up with Tokio Marine & Nichido Fire Insurance, a Tokio Marine Holdings group subsidiary. Tokyo-based bitcoin exchange bitFlyer is partnering with Mitsui Sumitomo Insurance to ensure merchants receive compensation for failed customer payments involving the virtual currency. The company said it will pay out a total of ¥1 million ($13,000) in damages and legal costs if customers are unable to make their payments. The insurance package will be the first of its kind in Japan, with Coincheck, another Tokyo-based virtual currency exchange, soon to offer a similar insurance product in partnership with Tokio Marine & Nichido Fire Insurance.
Tokyo-based bitcoin exchange bitFlyer is partnering with Mitsui Sumitomo Insurance to ensure merchants receive compensation for failed customer payments involving the virtual currency. The company said it will pay out a total of ¥1 million ($13,000) in damages and legal costs if customers are unable to make their payments. The insurance package will be the first of its kind in Japan, with Coincheck, another Tokyo-based virtual currency exchange, soon to offer a similar insurance product in partnership with Tokio Marine & Nichido Fire Insurance.