The several-fold increase in capacity is a strong indicator of Web3’s ongoing maturation.
Evertas, the world’s first and only dedicated digital asset insurance company, announced a dramatic expansion of coverage limits across multiple policy types – nearly tripling the amount of risk transfer previously available to blockchain focused projects. Evertas CEO J. Gdanski says this expanded capacity will advance the Web3 ecosystem by helping close the enormous digital asset insurance gap, which has long been an impediment to technological advancement in the space.
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“Currently, less than one percent of digital assets are protected by insurance, leaving the industry dangerously exposed and impeding innovation,” Gdanski said. “This shortfall is a consequence of multiple deficiencies in the status quo, many of which Evertas has just solved. This dramatic increase in capacity is an unmistakable indication that the crypto space is both maturing and heading in the right direction.”
In December, Evertas treated the Web3 world, still reeling from news of the failure of FTX, to a welcomed bit of optimism with the announcement of a successful venture financing round, some of the proceeds of which the company expected to use to facilitate this significant capacity expansion. Per-policy coverage limits on custodial cryptoassets are now $420 million while limits on crypto mining hardware – a new product offering – are $200 million. These are the highest limits available.
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“On a practical level, this expansion in capacity confers two key advantages to crypto innovators. First, they’ll benefit from greatly increased speed and simplicity as it’s now possible to get a full, high-limit underwriting from a single source,” said Evertas President Raymond Zenkich. “And second, they will benefit from much-needed scalability, as policy size can expand along with the needs of growing ventures without requiring additional underwritings.”
As a Lloyd’s of London Coverholder—the only cryptoasset insurance provider to achieve this distinction, Evertas has authority to offer A+ (Superior) rated, regulatorily compliant risk transfer products protecting digital assets globally.
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