Crypto insurance company Evertas raises $5.8m in seed funding
Evertas, a crypto insurance company, has announced 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: “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.”