Bitflyer and Coincheck, two of Japan’s largest Bitcoin exchanges, will be rendering merchants with insurance to regain assurance from previous flunk deals concerning Bitcoin. Among them are many other companies in which merchants could benefit from the insurance in accepting Bitcoin.
Japan’s large companies who offer insurance to elevate and strengthen Bitcoin:
Bitflyer and Coincheck united together believing that more stores or merchants will adopt Bitcoin as a method for payment. Last April 1, Japanese government has already started distinguishing Bitcoin as a legal method of payment. Fortunately, the digital currency of Bitcoin has been accepted by an increasing number of merchants.
- Mitsui Sumitomo Insurance Group.
MSIG, which is based in Tokyo, is part of the MS & AD Insurance Holdings Group. Bitflyer announced partnership with MSIG to offer the vendors an alternative way of receiving compensation from any unsuccessful transactions. This insurance package to be launched will be a record holder for being the kicker of its kind all over Japan. The two companies already have built partnership last year for co-developing the first cyber insurance policy in Japan under Bitcoin businesses.
- Tokio Marine & Nichido Fire Insurance.
Coincheck has already started cooking out on offering the same insurance product in partnership with TM & NFI. They are offering a property and casualty insurance subsidiary. The insurance will provide Coincheck customers amounting up to one million yen in case of a user account unauthorized login. This will also be its very first of its type.
There are a lot of other companies who accepted Bitcoin, however; they are only considered offering third party services. They are not recognized by the exchanges that give merchants sort out solutions. But, they give services to the merchants not knowingly upon signing to accept Bitcoin.
Amongst them are GAP 600, Blockcypher and Akihabara.
Other potential retailers are also continually signing up accepting Bitcoin all over Japan, such as Bic Camera and some other famous hotels. They are all up to positive vibe that Bitcoin could be fully accepted.