Relm Revolutionizes Bitcoin Mining with Industry-First Bitcoin-Denominated Insurance
This groundbreaking policy offers Bitcoin miners a much-needed safety net, protecting their investments and revenue from various risks that could potentially derail their operations.
Relm Insurance, a prominent speciality insurance provider catering to emerging and innovative industries, has today unveiled its latest offering: BTC Business Interruption Insurance (BTC BI). This groundbreaking product is designed specifically for Bitcoin miners, making it the first insurance solution in the industry to be denominated in Bitcoin.
Tailored Coverage for Bitcoin Miners
BTC BI is engineered to meet the needs of a wide array of Bitcoin mining operations. This includes publicly traded corporations, private entities, and off-grid mining operations. The product addresses the distinct risks associated with the Bitcoin mining sector, providing comprehensive financial protection against losses resulting from operational disruptions due to physical property damage.
Regulatory Approval and Industry Leadership
“With our deep, technical underwriting expertise and relationships in the bitcoin mining community, we are leading the insurance industry in the development of this crucial risk transfer solution,” said Claire Davey, Head of Product Innovation and Emerging Risk.
Relm Insurance stands out as one of the select few insurers possessing the Class IIGB (Innovative Insurer General Business) license from the Bermuda Monetary Authority. This accreditation allows them to offer indemnification to bitcoin miners in the same currency they are mining, reinforcing their leadership in the insurance market tailored for the cryptocurrency industry.
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