Mitsubishi UFJ Trust and Banking, a financial giant from Japan, is preparing to launch a service that will protect cryptocurrency investors in case the exchanges they are using close or suffer a hacker attack.
According to Nikkei Asian Review, an online media service from Japan, ther banking giant will continue to connect the appropriate records on cryptocurrency exchanges with buyers that decide to user their service. If an exchange closes or gets compromised, Mitsubishi UFJ will compensate the losses of its clients according to the records stored in their database.
The first services will probably start in April this year and will cover the bitcoin trading. The users who choose the option to safeguard their assets with Mitsubishi UFJ will have to pay a fee for the service.
According to Noriyuki Hirosue, the director of Bitbank, a cryptocurrency exchange from Tokyo, this fee could be a small price for the ones that prefer to trust the traditional financial institutions: “The buyers will feel safe knowing the bank they trust is watching over their assets.”
The cryptocurrency investors in Japan are especially sensitive to the risks related with the cryptocurrency exchanges. The infamous closure of the Japan’s biggest cryptocurrency exchange Mt. Gox took place in 2014, after a hacker attack when 850,000 bitcoins were stolen from the users of the exchange.