The Series A round was led by Polychain Capital and also included SinoGlobal Capital, Morgan Creek and Balaji Srinivasan. Evertas, the cryptocurrency insurance firm that received a nod from Lloyd’s of London earlier this year, has raised a $14 million funding, underlining the need for assurances within the turbulent, unpredictable digital asset space.
The $14 million Series A round, which was led by Polychain Capital, adds to a $5.8 million seed funding secured last year, bringing the company’s total outside investment to $19.8 million.
Insurance of cryptocurrency wallets against hacks, thefts and natural disasters hasn’t convinced all the major exchanges to be worth the squeeze, thanks to things like high premium, combined with unclear policy definitions. But in these uncertain times, having insurance over assets guarantees a third party professional underwriting firm has scrutinized a firm’s systems and controls, said Evertas CEO J. Gdanski.
Also included in the Series A round were: SinoGlobal Capital, CMT Digital Ventures, Foundation Capital, Morgan Creek, Bloccelerate, network0, Matrixport, and HashKey. Individual investors include Balaji Srinivasan, Andrew Keys, Colleen Sullivan, Patrick McDonald and David Roebuck.
Outside of Evertas, the crypto insurance space has almost no true and dedicated expertise, according to investor Andrew Keys, co-founder of advisory firm DARMA Capital.
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