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FDIC crypto insurance up to $250k?


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Hey guys, old news or no?

Watching Bloomberg abt 15 mins ago, took a video, sry for the poor video execution. 

Interesting none the less. Other than the FDIC insurance, another take away is the Bloomberg anchors pointing out crypto use for anonymity. Also excited to see the media reengaging in crypto coverage. 

 

*** after doing a quick search, I see that FDIC insurance is not a new thing in crypto, should’ve done that before posting, sorry. Still good to see media coverage anyway though! ***

 

Edited by Joeymc13
Posted before searching. Sorry guys.
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Woah woah woah, please find something more substantial than a media outlet allowing a Corp Marketing person to have TV media. I want to read the policy or prospectus or whatever they end up calling it.

1. This FDIC insurance is only for USD cash balances held at the exchange. That makes sense, I think you need a US banking license to offer FDIC and it would only cover USD because that is all that the FDIC deals in.

2. He says, "we are working with our banking and insurance partners to provide insurance for crypto". Then says they may have that product ready in "a few months".

3. Now that we have some functioning crypto derivatives markets, it is actually possible to financially engineer "crypto insurance" safely. I just have no idea if the market price for crypto coverage, could be achieved with the cost of derivatives.

I haven't done the math yet. Did speak to Cred and mentioned it to xSpring, but I never actually connected via phone with either.

If you share/see anything "crypto & insurance" related, please tag me, thanks 😁

Edited by KarmaCoverage
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This is by far the absolute BIGGEST problem of Crypto right now.  You have people who want to enter Crypto hard, but at the same time are being told "make sure you keep your Crypto off the exchanges."  Then they go ahead and google how to get _____ off the exchanges and see hardware wallets, paper wallets, app wallets, secret keys, passwords, public addresses and have 0 clue on how any of this works.

We will enter a new parabolic boom when the first bank/investment company (Etrade/TDAmeritrade/ect) offers the ability to keep there Crypto on them.  Until then, tons of people will continue to wait on the sideline.  How many people do we read about every day who sent XRP without a memo and got screwed? 

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45 minutes ago, KuNiT21 said:

This is by far the absolute BIGGEST problem of Crypto right now.

There is a rather simple well known solution to this, but nobody asks me. It's called a "Bull Call Spread".

Also, for a while. Lloyds has offered Exchanges insurance for "operations", but I haven't seen the policy, so idk.

Edited by KarmaCoverage
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