Introducing Insured Finance — The Future of Digital Asset Insurance
In 2020 alone, hundreds of million in USD value has been lost through exchange hacks, smart contract exploits, and stablecoin failure. The rapidly evolving cryptocurrency market desperately needs a solution that can provide cost-effective, versatile, and trusted insurance.
Insured Finance is building the future of digital asset insurance. By enabling cryptocurrency users to insure one another, Insured Finance allows a broad array of cryptocurrency assets to be insured at extremely competitive rates.
Not only can digital asset owners secure insurance for their holdings but those that provide insurance can earn a return on their capital. Insured Finance users can request customized insurance on their holdings and others can fulfill the request to earn a premium.
At the time of writing, there is roughly $16 billion worth of assets locked in DeFi protocols. These assets are vulnerable to exploits and countless speculators have lost their holdings due to smart contract bugs.
On top of that, there is vastly more wealth stored on exchanges and in stablecoins. The KuCoin hack alone cost investors $150 million. And with over $25 billion stored in stablecoins, these coins are another enormous pool of capital which is subject to risks like supply inflation bugs and issuer failure.
Current insurance solutions only cover ~$200 million of this risk and fail to insure exchange holdings and stablecoins. Current solutions are also subject to complex payout methods where insurance claims can take months to process.
Insured Finance addresses the pressing need for an insurance solution which provides customized insurance that can cover a wide variety of digital assets. Once an insurance request is fulfilled, smart contracts are fully collateralized which ensures that there are instant payouts in the event that a hack or exploit happens on the insured holdings.
Insured Finance will be the first blockchain-based technology to provide an insurance marketplace for digital assets. Powered by Polkadot, the marketplace guarantees versatile insurance, instant payouts, fast transactions, competitive pricing, and unmatched coverage. Insured Finance is building the future of digital asset insurance.
