Evertas, a Crypto Insurance Company, Is Very Wary of the Bear Market. Evertas, a cryptocurrency insurance provider that received approval from Lloyd’s of London earlier this year, has attracted $14 million in funding. This emphasizes the demand for reinsurance in the changing and unpredictable world of digital assets.
Evertas raised $14 million in Series A
The company’s total external funding is now $19.8 million after a Series A of $14 million. Polychain Capital led the round with $5.8 million in revenue last year. Due to factors such as high fees and unclear policy terms, large exchanges are not sure whether insuring Bitcoin wallets against hacks, theft, and natural disasters is worth it. However, J. Gdanski, the president of Evertas, said that in times of these crises, having property insurance ensures that the company registers qualified third parties that have checked the company’s systems and controls.
Participation of individual investors
Also, Gdanski said that Evertas is in contact with the US Securities and Exchange Commission (SEC) about how insurance can be more reliable in the legal situation when it comes to the rapidly changing technology available. as a cryptocurrency manager. This need, he said, will become more urgent after the recent FTX crash.
Morgan Creek, Foundation Capital, SinoGlobal Capital, CMT Digital Ventures, network0, Matrixport and HashKey also participated in the Series A investment. David Roebuck, Patrick McDonald, Andrew Keys, Colleen Sullivan and Balaji Srinivasan are among the individual investors. According to entrepreneur Andrew Keys, co-founder of consulting firm Darma Capital, the crypto insurance industry has nothing without good and dedicated expertise outside of Evertas.