Insurance activity is alive and kicking. The cryptocurrency insurance firm Evertas, which has received approval from the Lloyd’s of London earlier this year, has raised $14 million in funding, highlighting the need for assurances in the volatile, unpredictable digital asset space.
The latest $14 million Series A round of funding was led by Polychain Capital, which adds to the $5.8 million seed funding secured last year, bringing the company’s total outside investment to $19.8 million.
Insurance of cryptocurrency wallets against hacks, thefts and natural disasters hasn’t convinced all the major exchanges to be worth the squeeze, thanks to things like high premium, combined with unclear policy definitions. But in these uncertain times, having insurance over assets guarantees a third-party professional underwriting firm has scrutinized a firm’s systems and controls, said Evertas CEO J. Gdanski.
SinoGlobal Capital, CMT Digital Ventures, Foundation Capital, Morgan Creek, Bloccelerate, network0, Matrixport, and HashKey also participated in the Series A round. Balaji Srinivasan, Andrew Keys, Colleen Sullivan, Patrick McDonald, and David Roebuck are among the individual investors.
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