Coinbase Global Inc (NASDAQ:COIN), the cryptocurrency platform, has introduced financial protection for UK customers in the event an account is hacked and the contents stolen.
A UK account now comes with reimbursement up to a value of £150,000 for unauthorised access said the cryptocurrency trading platform.
The protection covers people caught out by a phishing attack or if scammers access an account without permission.
However, people's own mistakes are not covered.
For example, sending crypto to the wrong email address, a losing transaction or being persuaded to make a transfer to a fraudster is not covered, while funds also need to have left an account to be covered – a hacker switching funds between different cryptos does not qualify for example.
At present, the guarantee is only available in the UK and to be eligible customers must also complete all know-you-customer (KYC) steps with an account to be open for thirty days.
A police report of any theft also needs to be submitted.
Coinbase said it is the first guarantee of this kind in the crypto space and after the pilot in the UK hopes to roll it out to other jurisdictions.