Bitsz unveils a unique Insurance on wallets for its exchange users: Naveen Kumar

BITSZ is based by Naveen Kumar, a python developer, and a tech fanatic. Naveen is immensely keen about pc expertise and its huge energy to vary the best way folks work together with one another. He has all the time seen the blockchain and the crypto business as path-breaking expertise. But, many cyber-attacks on crypto exchanges, he made up his thoughts to take advantage of safe crypto buying and selling exchange and in addition thought that he would additionally add insurance coverage on person wallets to offer confidence to its customers.

The crypto world has been experiencing cyber-attacks since Satoshi Nakamoto had efficiently launched Bitcoin in 2009. Such assaults proceed even in 2021. There are the 4 largest hacks in crypto historical past which are value mentioning.

In 2014, Japanese’s Mr. Gox had filed for chapter after it suffered monetary losses as hackers stole 750,000 BTCs from its servers. BitFloor, a New York-based crypto exchange, had misplaced 24,000 BTC to hackers in 2012. At that point, the stolen quantity was thought-about “small” in comparison with different hacks. In 2014, hackers have been in a position to steal 12.3% of all BTCs from Poloniex. The firm, nonetheless, didn’t not disclose the precise stolen bitcoins. Bitstamp, a Slovenian crypto exchange had misplaced $5 million value of 19,000 bitcoins in 2015. Hackers hacked into Bitfinex exchange and stole 120,000 BTCs value $72 million in 2016.

However, there’s a frequent factor in all these incidents. These crypto exchanges issued press statements and apologized their customers for incurring heavy monetary losses. That’s it. The cash is gone! An organization that can’t decrease losses in such circumstances just isn’t a firm that folks belief with their cash.

BITSZ is totally different. For us, gaining and sustaining person belief is paramount in the long term. If we’re weak towards cyber-attacks, our prospects really feel the identical. To decrease losses in cyber thefts, BITSZ has launched an insurance coverage scheme, a feat no different exchange has ever dared to implement until now. For this, we’ve partnered with Fireblocks, worlds high digital asset administration firm.


Further, varied safety measures, reminiscent of Biometric and 2FA authentication options, have been launched towards unauthorized logins. A 24/7 efficient customer support in a number of languages might be made out there to help our customers in buying and selling. When it involves processing velocity, BITSZ can course of 30 million transactions per second. This is what greater than what Visa, which processes 65,000 transactions per second, can do in the identical time.

BITSZ is the next-generation crypto exchange aiming to vary the best way folks purchase, promote, and commerce items and providers. Come and be part of us on this subsequent revolution.

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About the Author: Daniel