Country for PR: United States
Contributor: PR Newswire New York
Wednesday, July 06 2022 - 23:00
AsiaNet
Chainproof Launches as the World's First Regulated Smart Contract Insurance Provider
HAMILTON, Bermuda, July 6, 2022 /PRNewswire-Asianet/ --

Today, Chainproof is launched as the world's first regulated smart contract 
insurance provider.

Logo - https://mma.prnewswire.com/media/1853842/Chainproof_Logo.jpg

Chainproof was incubated by Quantstamp, a leading blockchain security auditor 
that has secured over $200B in digital asset risk. With seed investment and 
foundational support from SOMPO Light Vortex and reinsurance backing from 
Munich Re, Chainproof bridges the worlds of traditional insurance and 
decentralized finance (DeFi). By July 2022, Chainproof plans to offer licensed, 
institutional-grade insurance coverage for open-source, non-custodial smart 
contracts on public, decentralized blockchains[1].

The rapidly growing world of DeFi has over $70B of 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 exploits of smart contracts 
have occurred various times in the recent past. Further, traditional insurers 
generally lack the historical data and technical expertise required to properly 
underwrite insurance related to smart contracts. As asset managers continue to 
seek credible solutions to protect the growing crypto portion of their 
portfolio, the lack of regulated insurance has kept DeFi from achieving 
mainstream adoption. Quantstamp's technical knowledge and deep understanding of 
the web3 ecosystem enables Chainproof to identify the good risks in this market 
sector. By combining forces with SOMPO and Munich Re, global leaders in 
(re)insurance, Chainproof is positioned to become the world's leading regulated 
smart contract insurance provider.

"SOMPO is proud to be a foundational partner to Chainproof, a pioneering 
insurance provider for the growing DeFi economy," said Koichi Narasaki, CEO of 
SOMPO Light Vortex and Executive Officer of SOMPO Holdings. "Chainproof 
represents the leading-edge of regulated insurance solutions for the 
groundbreaking world of Web3."

"Quantstamp and Chainproof provide the specific risk assessment expertise which 
is needed to navigate the emerging DeFi insurance market. Institutional 
investors will be further enabled to succeed in the DeFi sector, if they are 
covered by regulated insurance, which we support through reinsurance." says 
Andre Knoerchen Head of New Tech Underwriting, from Munich Re.

"We are honoured to have been 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 who 
want to navigate the DeFi space safely" said Sebastian Banescu, CEO of 
Chainproof.

Chainproof is proud to be backed by some of the top names in Web3, including 
Compound, Aave, Lido, Synthetix, Kyber, Amber Group, MakerDAO, Badger, DeFi 
Alliance, The Graph, Coinlist, Zynga, Illuvium, Hashgraph, Rally,  Celo, 
Polygon, Blockfolio, Dapper Labs, and more.

Are you an institutional investor looking for smart contract insurance? Find 
out more at quantstamp.com/blog/chainproof or contact us at 
chainproof@quantstamp.com.


1.Only available in certain jurisdictions. Chainproof is currently licensed by 
the Bermuda Monetary Authority Sandbox program with an IGB license.

SOURCE - Quantstamp
Translations

Japanese