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Japan's bitcoin startups to offer insurance for retailers

Policies will cover losses from botched payments

TOKYO -- Japanese bitcoin exchange bitFlyer will partner with Mitsui Sumitomo Insurance to offer merchants a way to receive compensation for failed transactions involving the virtual currency.

The insurance package rolling out Friday will be the first of its kind in Japan. The offering from the Tokyo cryptocurrency exchange and the MS&AD Insurance Holdings Group unit will cover damages if a customer payment does not go through correctly due to system problems or other issues.

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