Crypto Insurance Company Evertas Has Decided to Take Precautions Against the Bear Market! The Series A round was led by Polychain Capital and also included SinoGlobal Capital, Morgan Creek and Balaji Srinivasan.
Evertas, a cryptocurrency insurance company that received approval from Lloyd’s of London earlier this year, raised $14 million in funding, highlighting the need for insurance in the turbulent and unpredictable space of digital assets. The $14m Series A round, led by Polychain Capital, comes on top of $5.8m in coin funding raised last year, bringing the company’s total external funding to 19.8 million.
Insuring cryptocurrency wallets against hacks, thefts, and disasters has not made all the major changes it deserves, thanks to something like a high premium, combined with unclear policy details. But in these uncertain times, having property insurance makes it clear that a third-party professional company has reviewed the company’s processes and management, Evertas CEO J. Gdanski said. In addition, Gdanski pointed out that Evertas and the US Securities and Exchange Commission (SEC) are discussing how insurance can be an effective proxy for law when it comes to technology. He said that FTX’s range has fallen recently, he said.
“There are things that come out of these big upheavals in the space that we’ve had in our filing for three or four years.”
“This includes things like a trust account, the division of assets, a clear definition of ownership in case of bankruptcy or bankruptcy, having proper advice in place.”
Included in Series A are: SinoGlobal Capital, CMT Digital Ventures, Foundation Capital, Morgan Creek, Bloccelerate, network0, Matrixport and HashKey. Individual investors include Balaji Srinivasan, Andrew Keys, Colleen Sullivan, Patrick McDonald and David Roebuck. Outside of Evertas, the crypto space has almost no real, dedicated professionals, according to investor Andrew Keys, who oversees Darma Capital consulting.
“Carriers and insurers who write crypto policies sometimes work with insurance brokers to assess these very unique risks; they are beyond their heads and it’s impossible,” Keys said in a statement.