BDIC unveils crypto insurance platform as it readies for Asia launch

By Chris Munro

Feb 11 - (The Insurer) - Blockchain Deposit Insurance Corporation (BDIC) has launched its new cryptocurrency insurance platform, with the operation set to initially go live in select Asian markets during Q2 2025.

To begin with, the startup’s insurance platform will launch in Hong Kong, Singapore, Japan, Taiwan and South Korea.

Bermuda-headquartered BDIC has been launched to protect digital currency wallet holders from exchange failures and cyber exploits. The firm aims to bring what it describes as “institutional-grade security to the crypto ecosystem”.

According to BDIC, more than $2.2bn in annual losses are reported from exchange failures and cyber attacks.

“The cryptocurrency market has reached a critical inflection point where institutional-grade insurance solutions are essential for mainstream adoption,” said BDIC CEO Jeffrey Glusman.

“BDIC introduces a new paradigm in digital asset protection, using advanced risk assessment algorithms and real-time monitoring to safeguard users' holdings,” he added.

Once live in Hong Kong, Singapore, Japan, Taiwan and South Korea, BDIC plans to expand into Southeast Asia by the final quarter of this year.

Broader Asia-Pacific coverage is expected by 2026.

BDIC has targeted Asia as its starting point as it is an area of the world where cryptocurrency adoption is already widespread, the firm explained. It cited figures suggesting there will be 300 million cryptocurrency users in Asia alone by 2028.

“BDIC’s insurance framework is designed to scale alongside this market growth, providing essential protection that fosters institutional and retail confidence in cryptocurrency adoption for daily transactions and long-term asset ownership,” said Glusman.

As BDIC explained, the firm will launch its own native token – called BDIC Coin – next quarter.

This token will power the BDIC Foundation Reserve Fund and be used for premium payments, governance voting, and claim settlements.

As previously reported, BDIC is working on securing Lloyd’s coverholder status in a move that will allow it to underwrite cryptocurrency-related risks.

In late January, BDIC said that over the coming months it “will pursue Lloyd’s of London coverholder status”.

That designation, BDIC said, will allow it to develop robust insurance policies in collaboration with Lloyd’s syndicate members already servicing the industry.