Hamilton, Bermuda, July 6, 2022 /PRNewswire/ — Chainproof today launched as the world’s first regulated smart contract insurance provider.
Incubated by Quantstamp, Chainproof is the world’s first regulated smart contract insurance provider.
Chainproof was incubated by Quantstamp, a leading blockchain security auditor that has secured over 200 billion dollars in the risk of digital assets. With seed investment and core backing from SOMPO Light Vortex and reinsurance backing from Munich Re, Chainproof bridges the worlds of traditional insurance and decentralized finance (DeFi). from July 2022Chainproof plans to offer licensed, institutional-grade insurance coverage for non-custodial open source smart contracts on public, decentralized blockchains.
The rapidly growing world of DeFi has come to an end 70 billion dollars of the total value locked, a 6000% increase from two years ago according to https://defillama.com. However, this growth comes with significant risk, as hacks and exploitation of smart contracts have occurred various times in the recent past. Additionally, traditional insurers typically lack the track record and technical expertise necessary to properly underwrite smart contract insurance. As asset managers continue to look for reliable solutions to protect the growing crypto portion of their portfolio, the lack of regulated insurance has prevented DeFi from achieving mass adoption. Quantstamp’s technical knowledge and deep understanding of the web3 ecosystem enables Chainproof to identify good risks in this market sector. By joining forces with SOMPO and Munich Re, global leaders in (re)insurance, Chainproof is positioned to become the world’s leading regulated provider of insurance smart contracts.
“SOMPO is proud to be a core partner of Chainproof, a pioneering insurance provider for the growing DeFi economy,” said Koichi Narasaki, CEO of SOMPO Light Vortex and CEO of SOMPO Holdings. “Chainproof represents the leader in regulated insurance solutions for the innovative world of Web3.”
“Quantstamp and Chainproof provide the specific risk assessment expertise needed to navigate the emerging DeFi insurance market. Institutional investors will have an additional opportunity to succeed in the DeFi sector if they are covered by regulated insurance, which we support through reinsurance,” says Andre Knorchen, Head of New Tech Underwriting, at Munich Re.
“We are honored to be trusted by such distinguished partners in the traditional insurance industry as SOMPO and Munich Re. Given the fact that there is no such thing as a 100% secure smart contract system, we see the product offered by Chainproof as a must-have for institutional investors looking to safely navigate the DeFi space,” said Sebastian BanescuCEO of Chainproof.
Chainproof is proud to be backed by some of the best names on the Web3, including Compound, Aave, Lido, Synthetix, Kyber, Amber Group, MakerDAO, Badger, DeFi AllianceThe Graph, Coinlist, Zynga, Illuvium, Hashgraph, Rally, Celo, Polygon, Blockfolio, Dapper Labs and more.
Are you an institutional investor looking for smart contract insurance? Learn more at quantstamp.com/blog/chainproof or contact us at [email protected]
Available in select jurisdictions only. Chainproof is currently licensed by the Bermuda Monetary Authority’s Sandbox program with an IGB license.
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