Evertas, the world’s first and leading crypto insurance company, announced today that it has raised nearly $5.8M 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 Digitization 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,” said 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,” said 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, added that “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.”
Evertas — the world’s leading crypto insurance company — is a pioneer in the crypto insurance space developing filling a critical gap in the crypto industry.
Evertas has created the only comprehensive underwriting tools and framework for crypto, the only end-to-end insurance product for crypto including claims handling, and comprehensive risk management processes to underwrite and scale insurance products urgently needed for the growth and maturation of the crypto industry.
The world-leading team brings together unrivaled crypto/technology expertise with pragmatic and practical insurance industry experience. It is led by a seasoned group of executives who are among the leaders in blockchain, insurance, and intelligence/investigations.