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

BITSZ has introduced an insurance scheme, a feat no other exchange has ever dared to implement till now.
Naveen Kumar
Naveen Kumar
Updated on Sep 02, 2021 06:04 PM IST
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By HT Brand Studio

BITSZ is founded by Naveen Kumar, a python developer, and a tech enthusiast. Naveen is immensely passionate about computer technology and its enormous power to change the way people interact with each other. He has always seen the blockchain and the crypto industry as path-breaking technology. But, looking at many cyber-attacks on crypto exchanges, he made up his mind to make the most secure crypto trading exchange and also thought that he would also add insurance on user wallets to give confidence to its users.

The crypto world has been experiencing cyber-attacks since Satoshi Nakamoto had successfully introduced Bitcoin in 2009. Such attacks continue even in 2021. There are the 4 largest hacks in crypto history that are worth mentioning.

In 2014, Japanese’s Mr. Gox had filed for bankruptcy after it suffered financial losses as hackers stole 750,000 BTCs from its servers. BitFloor, a New York-based crypto exchange, had lost 24,000 BTC to hackers in 2012. At that time, the stolen amount was considered “small” compared to other hacks. In 2014, hackers were able to steal 12.3% of all BTCs from Poloniex. The company, however, didn’t not disclose the exact stolen bitcoins. Bitstamp, a Slovenian crypto exchange had lost $5 million worth of 19,000 bitcoins in 2015. Hackers hacked into Bitfinex exchange and stole 120,000 BTCs worth $72 million in 2016.

However, there is a common thing in all these incidents. These crypto exchanges issued press statements and apologized their users for incurring heavy financial losses. That’s it. The money is gone! A company that cannot minimize losses in such cases is not a company that people trust with their money.

BITSZ is different. For us, gaining and maintaining user trust is paramount in the long run. If we are vulnerable against cyber-attacks, our customers feel the same. To minimize losses in cyber thefts, BITSZ has introduced an insurance scheme, a feat no other exchange has ever dared to implement till now. For this, we have partnered with Fireblocks, worlds top digital asset management company.


Further, various security measures, such as Biometric and 2FA authentication features, have been introduced against unauthorized logins. A 24/7 effective customer service in multiple languages will be made available to assist our users in trading. When it comes to processing speed, BITSZ can process 30 million transactions per second. This is what more than what Visa, which processes 65,000 transactions per second, can do in the same time.

BITSZ is the next-generation crypto exchange aiming to change the way people buy, sell, and trade goods and services. Come and join us in this next revolution.

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Thursday, October 21, 2021