Evertas, a cryptoasset insurance company, has completed a USD2.8 million seed stage funding round. The funding round was led by Morgan Creek, who were joined by Plug n Play, Kailash Ventures, RenGen, Vy Capital and Wavemaker Genesis. Mark Yusko, Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management & Managing Partner of Morgan Creek Digital Assets, has joined Evertas’ Board of Directors.
Evertas, which focuses on covering institutional holders of cryptoassets including exchanges, custodians, traditional financial institutions, funds, family offices and ultra-high net worth individuals, will be using these funds to support its strong growth plans.
The market capitalisation of cryptoassets is around USD270 billion and growing rapidly, but because of the highly specialised nature of underwriting the risks associated with these assets, there are very few insurers currently operating in this sector. This means the global insurance industry currently only has capacity of around USD1-2 billion to insure the market.
J Gdanski, CEO and Founder of Evertas, says: “We believe we are the only company in the world focused solely on providing insurance coverage for cryptoassets and users of blockchain systems. We are unique in that we offer the full suite of services for these assets – from risk audits, to underwriting, investigations and claims handling.
“Cryptoassets are increasingly being recognised by governments, regulators and industry bodies, and the sector will continue to enjoy rapid growth. We are well positioned to capitalise on this and are doing so working directly with clients, but also through partnering brokers and carriers.”
