With the advent of Blockchain technology and cryptocurrencies, the rise of cryptocurrency exchanges surges exponentially. One side cryptocurrencies open the doors of employment, education, research and revolution in the digital ecosystem, on the other side, due to the mismanagement, lack of governance, theft, and hacking of crypto exchanges increase significantly. One of the biggest theft was reported by the Japanese exchange “Coincheck”, due to this $530 million-worth of cryptos were lost. Custodians of cryptocurrencies and exchanges lack a sufficient level of defense and risk transfer.
Cryptocurrencies have an enormous impact on the financial industry and the insurance industry. There are more than 1600 exchanges in the world, and most of them do not have the necessary risk management process and insurance coverage. According to the crypto data tracker, TokenAnalyst, there is a sharp decline in sending cryptocurrencies to exchanges. Nevertheless, the usage of crypto and digital currencies and public address increased sharply after 2017. To survive in this competitive market, need for fully insured cryptocurrency exchange increased, and Burency is one of the leading companies in middle east who is addressing the major issues with the current ecosystem. Burency is solving the main issues such as lack of liquidity in exchanges, security, unsustainable mining and unawareness of blockchain applications to business.
There are three main pillars of Burency:
Regulated and fully insured cryptocurrency exchange:
Burency exchange is one of the world’s first fully insured platform with the coverage provided by Lloyd’s of London, according to Nebbex protocol. Fiat to Crypto, Crypto to Fiat and Crypto to Crypto transactions will be available on Burency platform, including payment option with a credit card. Moreover, they will also launch 50 most common coins in the middle east on their platform.
Sustainable mining operation:
Mining big coins such as bitcoin, ethereum for a common individual is very difficult due to its high computational power. With the help of Burency’s ERC-20 token, individuals can purchase computational power to mine cryptos through their mining facilities. Moreover, Burency also has the capabilities and technology to build mining farms for large and enterprise customers.
Blockchain research and development center:
With a research and development center in Dubai, Burency will harness the blockchain technology to enterprises and startups. Looking at Expo2020 in Dubai, Burency’s business strategy will help the adoption of blockchain in Emirates with its smart government objectives.
Cryptocurrency theft is the real risk, which most of the current and existing exchanges are unable to handle. With the recent attack on Binance, where hackers used various methods to transfer 7000 Bitcoins worth of $40 million through a single transaction, demands to have immediate insurance on crypto-assets arises. Nevertheless, the crypto market is plagued with fraud and theft, various institutes are working together to overcome these issues. And Burency is one of the players, who is leading this operation to increase the adoption of crypto assets and decrease the risk with proper risk management.