BDIC Insurance: Making Crypto Safer for All with Founder Jeffrey Glusman and Executive Jim McCarthy

October 22, 2025·22 min·2 clips

Scammers forged BDIC insurance certificates to steal tens of millions in a multi-layered crypto fraud.

Episode 843 of Fried on Business features a conversation with Jeffrey Glusman, founder and CEO of BDIC Insurance, and Jim McCarthy, its COO. The episode begins with host Jim Fried introducing the guests and the show's sponsors. Glusman explains that BDIC stands for Blockchain Deposit Insurance Corporation, which provides insurance for cryptocurrency wallets and exchanges against specific risks like unauthorized access, exchange hacks, and smart contract failures. He clarifies that it does not cover market volatility, lost keys, or intentional fraud. Glusman then recounts a recent fraud where scammers impersonated DCB Bank and forged BDIC insurance certificates, leading to tens of millions in losses for victims who deposited crypto. Fried frames this as a proof of concept for the demand for such insurance. The conversation shifts to Jim McCarthy, who discusses his role in helping clients tokenize real-world assets to then purchase BDIC insurance. Fried asks about progress in tokenization acceptance, and McCarthy notes that U.S. stablecoin regulations earlier this year accelerated institutional adoption, pushing digitalization levels forward significantly. They discuss the use of digital currencies in Central and Latin America, with McCarthy citing examples like cross-border payment apps and El Salvador's adoption, though he mentions security issues there. Glusman defines a stablecoin as a digital coin backed by assets, with U.S. dollar stablecoins required to be fully backed by Treasuries. When asked about U.S. consumer adoption, Glusman states that BDIC prioritizes markets in Asia, Latin America, and Europe, expecting U.S. retail growth in 6-18 months after regulatory clarity. He explains the pricing model: $19.99 per month for $10,000 coverage, with some exchanges potentially subsidizing costs. After a sponsor break for Warren Henry Automotive, the guests give final thoughts. McCarthy emphasizes the rapid global shift to 24/7 digital asset trading. Glusman predicts digital currency will become the new traditional finance, backed by institutional adoption from firms like BlackRock and major banks. The episode concludes with Fried thanking the guests and promoting the show's platforms.

As heard by us

Digital assets come through here less as hype than as a security and insurance problem tied to payments.

Freed on Business keeps its attention on digital assets as a business risk, not as a buzzword story. Jeffrey Glossman, founder and CEO of BDIC Insurance, and James McCarthy, the COO, talk through stablecoins, cross-border payments, and a consumer retail use case, while Jim Freed…

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Why you'd press play

You want a South Florida business conversation about stablecoins, retail payments, and the security headaches around digital currency.

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