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Created: Feb 11, 2025 06:15 PM
Jeffrey Glusman, chief executive, Blockchain Deposit Insurance Corporation (Photograph supplied)
Blockchain Deposit Insurance Corporation, the pioneering decentralised cryptocurrency insurer, has announced the launch of its cryptocurrency insurance platform.
Bermudian-headquartered BDIC is the international entity of Palm Beach, Florida-based Blockchain Deposit Insurance Consultant Group LLC.
Designed to protect digital currency wallet holders from exchange failures and cyber exploits, BDIC said it aims to bring institutional-grade security to the crypto ecosystem.
The company said it leverages blockchain technology to automate claims processing and risk assessment using smart contracts, providing coverage for qualified cryptocurrency wallets and digital assets.
With over $2.2 billion in annual losses reported from exchange failures and cyberattacks, BDIC said it seeks to address one of the industry’s most pressing security concerns.
BDIC’s launch will begin in the second quarter of this year, with its insurance underwriting infrastructure rolling out first in key Asian markets — including Hong Kong, Singapore, Japan, Taiwan, and South Korea — where cryptocurrency adoption is already widespread.
Chief executive Jeffrey Glusman emphasised BDIC’s focus on the Asia-Pacific region, where crypto usage continues to surge.
He 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 said it plans to expand into South East Asia by the fourth quarter of this year, with broader Asia-Pacific coverage expected by 2026, prioritising Hong Kong as the primary focus in the near term.
Mr Glusman highlighted the rising demand for crypto wallet security across Asia, citing a projected 300 million users by 2028 in the region alone.
“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.”
As part of its ecosystem, BDIC said it will launch its native token, “BDIC Coin”, in the second quarter of this year.
It said the token will power the BDIC Foundation Reserve Fund and be used for premium payments, governance voting, and claim settlements.
The company said it has established a whitelist and compliance protocols to ensure a secure and solvent tokenomics structure.
BDIC said its insurance platform offers multiple coverage tiers and employs an advanced risk assessment model, evaluating factors such as wallet holdings, account longevity, and security implementations.
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