Evertas raises USD5.8m in seed funding
Crypto insurance company Evertas has raised nearly USD5.8 million in seed funding.
The funding round was led by Morgan Creek Digital, CMT, HashKey, Wave Partners, RenGen, 4RC, Centrality, Plug ‘n Play, Vy Capital, and a number of individual investors including James Slazas (CEO of VaultLink), Tyler Ward (Founder of BarnBridge), Quinn Abrahams (Partner of D64), Shy Datika (Founder & President of INX), and Sandra Ro (CEO of Global Blockchain Business Council and former Head of Digitisation at CME Group).
Evertas, which has developed a comprehensive underwriting framework for crypto (including blockchain/DLT systems) and the only full lifecycle insurance product for crypto, will use the funding to accelerate product development and build out infrastructure.
“With a multi-trillion dollar crypto market and less than $5B in total insurance capacity, Evertas is developing a key piece of missing infrastructure – crypto insurance,” said Raymond Zenkich, President & Founder of Evertas. “We have seen increasing demand for insurance products as institutional and regulated entities enter the space, creating a multi-billion-dollar opportunity for Evertas.”
“Over the next year, Evertas plans to grow its own insurance capacity and launch our own carrier,” says J Gdanski, CEO & Founder of Evertas. “Doing so will be a critical next step in ensuring that there is reliable, sustainable, and sufficient coverage for the crypto industry, a stark contrast to what is available today.”
"Morgan Creek is pleased to be an investor in Evertas,” says Mark Yusko, Founder, CEO & CIO of Morgan Creek Capital Management and Partner & Co-Founder of Morgan Creek Digital. “The entire cryptoasset ecosystem will evolve more rapidly and be more robust with the development of well-functioning insurance infrastructure. Moreover, institutional and retail adoption, as well as regulatory acceptance, depends on the presence of a viable insurance market, and we anticipate Evertas to be a leader in that development.”
Deng Chao, CEO of Hashkey Capital, adds: “Insurance is nearly a must-have for institutional investors in the crypto space. Given the huge gap between actual coverage and demand, we believe Evertas is in a unique position to narrow the gap given their deep knowledge of cryptoassets and cybersecurity. We expect Evertas to create a real foothold in the traditional insurance world.”
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