Los Angeles, CA -- (SBWIRE) -- 10/30/2014 -- Umbrella continues to make headway in the cryptocurrency space. Fresh off the release of their roadmap, Umbrella expands its insurance fund to cover Litecoin losses, an industry first. Originally designed as an insured cryptocurrency to be mined alongside Litecoin using merged-mining (AuxPOW), Umbrella now looks to insure Litecoin. The Litecoin insurance beta opens in November to Umbrella members. Umbrella members are anyone holding 1 BTC worth of Umbrella-LTC (ULTC), board members included.
To insure Litecoin, simply purchase and hold a predetermined amount of Umbrella-LTC based on the amount of Litecoin being insured (see calculator). Umbrella-LTC purchase date must precede claim date. Claims can only be made against Umbrella certified exchanges like Poloniex. Since Umbrella operates on the basis of using a crypto asset to insure Litecoin, this one time premium may actually gain value. In the event a claim is opened clients would simply reimburse themselves for a profit. If a client’s premium has lost value, it can be turned in Umbrella Holdings for the agreed coverage amount (Payable in Litecoin). Full details of the program will be announced soon.
Umbrella Holdings are proud to announce their latest partner, Poloniex. Poloniex was very open to the idea of safer, trustworthy cryptocurrency exchanges. They welcomed Umbrella Holdings and agreed to a full security audit compromising of webapp and network penetration tests. Starting immediately, Umbrella-LTC is insured against theft, hacks and insolvency when held on Poloniex. Litecoin losses will also be insured on Poloniex if clients hold an active policy and are part of the beta program.
Umbrella is not insurance in the typical sense. The word is used loosely to help explain the concept. Umbrella uses the innovation of a crypto asset backed insurance system, or (CABI) for short. Half of each block reward is secured during the mining process and held as collateral for claims. Provided all the dotted lines have been signed, reimbursement is a painless process. After the beta ends, features will be fully automated and built into the wallet for a pain free experience.
Beta launches in early November, look for the signup page on Umbrella Holding's website shortly.
What is Umbrella?
Umbrella solves one of the major problems of owning cryptocurrencies. If cryptocurrency is lost by an exchange due to a hack or insolvency, customer’s options are extremely limited in recovering their losses. Having asset protection in place by reducing risk exposure is a fundamental requirement in today’s financial markets. Wall Street has a variety of ways to deal with risk, from derivatives like options and futures, to more exotic offerings like forwards and swaps. It all comes down to minimizing risk; Umbrella makes this a seamless process. While Umbrella does not solve all the problems plaguing today’s cryptocurrencies or exchanges, they offer something no other cryptocurrency can: peace of mind.
By definition, Umbrella means any kind of general protection. Umbrella-LTC is a merged-mined currency that is insured and scarce by design, a currency that is designed to be acquired and held like a contract. Umbrella believes these properties will lend itself to low volatility and a stable market price. They also believe this winning combination will lead to a good store of value. In the unregulated world of cryptocurrencies, few tools exist to protect the miners and traders who are the backbone of the industry; Umbrella intends to change this.
To learn more please go to: http://umbrella.holdings/
See the Umbrella Holdings insurance premium calculator: http://calc.umbrella.holdings/
Umbrella-LTC now trades on Bittrex, Cryptsy & Poloniex
Media Contact: Robert Murray
Company: Umbrella Holdings
Address: Los Angeles, California