Evertas, a crypto insurance company, has raised $14 million to fight the bear market. SinoGlobal Capital, Morgan Creek, Balaji Srinivasan, and Polychain Capital also participated in the Series A funding led by Polychain Capital.
Funding Received by Evertas
Cryptocurrency insurance company Evertas, approved by Lloyd’s of London earlier this year, has raised $ 14 million in the capital, once again reminding of the need for security in the volatile and unpredictably changing world of digital assets. The company received a total of $19.8 million in funding, including a $5.8 million seed round led by Polychain Capital and a $14 million Series A round.
The Importance of Having Insurance
Due to factors such as high premiums and vague policy definitions, many major exchanges do not believe it is beneficial to ensure bitcoin wallets against hacks, theft, and natural disasters. Nevertheless, according to the CEO of Evertas, Gdanski, in these turbulent times, taking out insurance on assets allows a professional insurance company from a third party to carefully study a firm’s systems and controls.
Gdanski also noted that Evertas is in contact with the U.S. Securities and Exchange Commission about how insurance can be a reliable substitute for regulation when it comes to a rapidly evolving technology such as custodial cryptocurrency. In fact, Gdanski said that this need will become even more urgent after the recent FTX collapse.
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