Victor Ugochukwu · Dec 14, 2020 . 5min read
DeFi insurance focused protocol InsurAce raises $1M seed funding
InsurAce, an DeFi based insurance protocol raises $1 million seed funding led by DeFiance Capital as well as others.
By Victor Ugochukwu · Nov 24, 2020 . 5min read
InsurAce has announced a successful $1M seed funding round led by led by DeFiance Capital, a crypto hedge fund with a reputation for investing in DeFi projects.
In a Tuesday announcement, InsurAce announced the raise in which DeFiance Capital, as well as ParaFi Capital, Huobi DeFiLabs, Hashed, Signum Capital and Lunex Ventures, were among the contributors in its seed funding round.
Oliver Xie, founder and CEO of InsurAce protocol commenting on the successful raise said
“We aim to build a decentralized insurance platform, providing carefree insurance services, and creating sustainable investment returns for our users”
InsurAce with seed funding and other liquidity strategies aims to lower the barrier for smart contract projects to adopt insurance.
Xie’s aim is for InsurAce protocol to lower the barrier for DeFi products to adopt insurance solutions, especially against the backdrop of multiple recent hacks. With the permissionless nature of smart contracts in pushing the boundaries of open finance also come huge risks. No fewer than five hacks happened this year in the world of decentralized finance. The latest being the Pickle Finance hack which saw hackers siphoning $20 million over the weekend.
As typical of most DeFi projects, InsurAce is launching a liquidity mining phase. This should help prop up the liquidity of its protocol while equally attracting yield farming degens (fast-paced yield hunters).
Santiago Roel Santos, Partner at ParaFi Capital, a crypto-focused firm with a streak of investments in DeFi projects also commented:
“Insurance is a critical component for the growth of any industry. For DeFi to reach mainstream adoption, we need a robust insurance market with multiple providers. As active users of DeFi protocols, we’re keen on supporting InsurAce develop user-centric solutions will allow users to capture the benefits of DeFi while minimizing the risks,”
It’s important to note that InsurAce is not the only one trying to solve this particular problem with its solution. Nexus Mutual is a reputable solution already widely adopted by most web 3 projects. Another one is yInsure by the famous Andre Cronje of the Yearn Finance project.
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