Brandon Brown, the CEO of Fairside Network, has highlighted the potential risks involved in holding crypto assets in self-custody wallets. He points out that such wallets typically lack built-in insurance coverage, leaving users vulnerable to theft or loss. Brown attributes this lack of coverage to the challenges in assessing digital asset risks and the evolving nature of threats in the crypto space.

Addressing the Need for Insurance Coverage

In an interview with Bitcoin.com News, Brown emphasized the importance of providing insurance coverage for assets held in self-custody wallets. He suggested that while ensuring privacy and anonymity for users may pose challenges, insurance providers can mitigate these concerns by limiting the frequency of know-your-customer (KYC) procedures.

Brown acknowledged the shortcomings of existing crypto insurance offerings but expressed optimism about improving them by leveraging traditional insurance models. He believes that by adopting proven strategies from traditional insurance, crypto insurers can enhance their offerings and make them more effective and stable.

Fairside Network’s Approach to Insurance

Fairside Network, according to Brown, is taking a different approach to crypto insurance by focusing on advanced risk assessment techniques and targeting personal wallets over smart contract risk. By spreading risk across various wallets and asset types, Fairside aims to provide comprehensive protection for self-custody assets.

The CEO also addressed concerns about cross-chain protection, asserting that Fairside is developing solutions to ensure coverage for assets across multiple blockchains. Additionally, he emphasized Fairside’s commitment to user privacy and data security, highlighting the platform’s permissionless sign-up process and limited data collection practices.

Advice for Investors

In conclusion, Brown urged all crypto investors, regardless of the size of their holdings, to consider protecting their assets with insurance. He emphasized that the risk of theft is ever-present in the crypto space and that Fairside’s coverage is accessible and affordable for all users.

What are your thoughts on Brandon Brown’s insights? Share your opinions in the comments below.

TAGS: Fairside Network, Brandon Brown, Crypto Wallets, Insurance Coverage, Self-Custody, Risk Mitigation, Privacy, Security, Cross-Chain Protection