Crypto Price Insurance empowers Choise.com users with the ability to protect their digital assets against market volatility and unfavourable price movements.
When purchasing Bitcoin (BTC) or Ether (ETH), customers can set up an insurance contract for a set period and with a fixed minimum price of assets that they’re buying. When the contract expires, Choise.com will assess the value of the users’ digital assets according to the ongoing market rate. If the rate proves to be under the insurance price at which the user originally bought their crypto, Choise.com will compensate for the difference.
“Our customers can leverage Crypto Price Insurance to hedge against market risks. Instead of worrying about getting impacted by potential price falls or the bear market, they can now gain exposure to cryptocurrencies on Choise.com in a hassle-free way and with increased flexibility,” said Anastasia Kor, Chief Marketing Officer at Choise.com.
For Choise.com users, the process to apply for Crypto Price Insurance works as follows:
- The user tops up their Choise.com wallet with a usual Mastercard or Visa card to purchase BTC or ETH, taps on the “With insurance” bar, and selects the conditions for the insurance.
- Users can choose the desired amount of digital assets to insure, the price of the insurance, and a suitable period for the contract.
- Choise.com will show the conditions in USD, no matter which asset the user seeks to use for the transaction. While the platform will charge the customer in the payment asset, the insurance coverage payment will be distributed in the USDT stablecoin.
- Users will be able to view their active insurances in their wallets on the “BTC” and “ETH” pages, with the platform displaying detailed information for each transaction.
Importantly, the digital assets purchased with Crypto Price Insurance can’t be sold ahead of the expiration date.
At the same time, as insurance is a separate product from spot trading, it is not necessary for Choise.com customers to hold BTC or ETH in their wallets. The product is available in Choise.com mobile app for IOS and Android users.