Tokyo -based bitFlyer is partnering with Tokio Marine & Nichido Fire Insurance to ensure merchants receive compensation for failed customer payments involving the virtual currency. By protecting against losses caused by system problems and other issues, bitcoin exchange bitFlyer intends to accelerate merchants' adoption of bitcoin as a payment method. The cryptocurrency's use is spreading to a broader range of businesses in Japan, such as electronics retailer Bic Camera, which has begun accepting bitcoin payments at some locations. The insurance package will be the first of its kind in Japan , with Bic Camera , another Japan -based virtual currency exchange, soon to offer a similar insurance product in partnership with Tokio Marine & Nichido Fire Insurance .
Tokyo -based bitFlyer is partnering with Tokio Marine & Nichido Fire Insurance to ensure merchants receive compensation for failed customer payments involving the virtual currency. By protecting against losses caused by system problems and other issues, bitcoin exchange bitFlyer intends to accelerate merchants' adoption of bitcoin as a payment method. The insurance package will be the first of its kind in Japan , with Bic Camera , another Japan -based virtual currency exchange, soon to offer a similar insurance product in partnership with Tokio Marine & Nichido Fire Insurance .