Bitwage Obtains Insurance on Client Bitcoin Deposits

Bitwage, a bitcoin payroll service firm, revealed a partnership with an unnamed insurance company to provide an additional level of protection for all their clients.

“By partnering with a top-rated insurance carrier, it is our goal to provide our customers with a peace of mind that their wages are in a safe place.”

In his blog post on Monday, Jonathan Chester, CEO of Bitwage, explained that the company has spent a considerable amount of time and resources to beef-up its security protocols and practices.

“Our security policies and procedures were put through a rigorous vetting procedure by top rated cyber liability insurance experts, and we obtained insurance against cyber-attacks from a top-rated insurance carrier with an AM Best Rating of A and above.“

According to Chester’s post, Bitwage consulted with Joel Weise – a security advisor and former CTO of security at Sun Microsystems – who helped design the company’s new security policy.

The new security implementation conforms to ISO and NIST standards, and also follows best practices such as bank-grade encryption for all user data.  The new security protocols even include an annual inspection of Bitwage’s business headquarters.

Chester also tried to reassure clients by clarifying that Bitwage only stores customer deposits for a short period of time, which minimizes the risk of theft/loss.

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