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Japanese insurer to offer coverage for bitcoin exchanges

Bitcoin usage continues to increase despite the cryptocurrency's vulnerabilities.

TOKYO -- Mitsui Sumitomo Insurance will launch an insurance product specifically designed to cover losses and damages at bitcoin exchanges.

The product, developed with Japanese bitcoin exchange operator bitFlyer, will protect both exchanges and their customers. The total coverage, ranging from 10 million yen ($89,000) to 1 billion yen, will be offered against damages and losses caused by cyberattacks and other unauthorized accesses, as well as mistakes and impropriety by employees.

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