Cryptocurrency insurer Blockchain Deposit Insurance Corporation (BDIC) has unveiled its new cryptocurrency insurance platform to offer protection to digital currency wallet holders against exchange failures and cyber exploits.
This insurance platform will feature multiple coverage tiers and utilise a risk assessment model that considers wallet holdings, account longevity and security measures.
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By GlobalDataThe company aims to introduce “institutional-grade security” to the cryptocurrency ecosystem.
By leveraging blockchain technology, BDIC aims to streamline claims processing and risk assessment using “smart contracts”.
This approach will provide coverage for qualified cryptocurrency wallets and digital assets.
BDIC’s insurance underwriting infrastructure will initially roll out in Q2 2025 in Asian markets including Hong Kong, Singapore, Japan, Taiwan and South Korea.
The company has outlined plans for expansion into South East Asia by Q4 2025, aiming to offer wider Asia-Pacific coverage by 2026, with a primary focus on Hong Kong in the near term.
BDIC will introduce its native token, BDIC Coin, in Q2 2025. The token is set to support the BDIC Foundation Reserve Fund and will be utilised for premium payments, governance voting and claim settlements.
BDIC has also put in place a “white list” and compliance protocols to ensure a secure and solvent ‘tokenomics’ structure.
To support its operations, it will set up regional offices in each of the markets it serves, with managing directors appointed to oversee each location.
BDIC CEO Jeffrey Glusman said: “The cryptocurrency market has reached a critical inflection point where institutional-grade insurance solutions are essential for mainstream adoption. BDIC introduces a new paradigm in digital asset protection, using advanced risk assessment algorithms and real-time monitoring to safeguard users’ holdings.
“BDIC’s insurance framework is designed to scale alongside this market growth, providing essential protection that fosters institutional and retail confidence in cryptocurrency adoption for daily transactions and long-term asset ownership.”
BDIC, which was launched earlier this month, is the international entity of the US-based Blockchain Deposit Insurance Consultant Group.
