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Mitsui Sumitomo to offer bitcoin exchange coverage

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Japan-based Mitsui Sumitomo Insurance Co. Ltd. plans to launch an insurance product that will cover losses and damages on bitcoin exchanges, Nikkei Asian Review reported. The total coverage, ranging from 10 million Japanese yen ($89,000) to JPY 1 billion, will be offered against damages and losses caused by cyber attacks and other unauthorized accesses, as well as mistakes and impropriety by employees. Insurance premium will range between several hundred thousand to several million yen. The product was developed in collaboration with Japanese bitcoin exchange operator bitFlyer Inc.

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