TL;DR Breakdown:
- Unslashed Finance has raised over $2million for its crypto insurance project.
- Unslash Finance to improve on its insurance services with funding for new product.
Since its inception last month, Unslashed Finance has raised over $2million for its crypto insurance project. According to various sources, the DeFi insurance protocol is set to use funds generated to work on its latest project — tokenized insurance merchandise.
It is said that the funding was done via a means similar to an auction. However, it is entirely different from an auction because investors who took part in the funding sessions were not purchasing any product. The funding round, anchored by investors, Lemniscap, and P2P capital will help the crypto insurance platform, Unslash Finance to improve on its insurance services, which includes its new product.
The product will help both buyers and sellers of the platform, bringing them together in the process. This means that whenever a customer wants to buy insurance, the product will connect them with investors looking to make a profit from their insurance service.
Unslashed Finance crypto insurance comes with several benefits
When it comes to making cryptocurrency transactions, there are a lot of risks any user might face. However, with crypto insurance, the risks of trading may be minimized. The insurance project will stop the hacking of smart contracts, slashing of validators, and a lot of other risks which many regular insurance firms do not offer.
Unslahed Finance was launched in February and since then, the insurance protocol has exchanged insurance coverage worth $400 million, receiving $90 million in capital deposits. Presently, the platform has a lot of clients using its insurance services including Enzyme ParaSwap, and a host of others.
The CEO of Unslashed Finance, Marouane Hajji, while speaking to Cointelegraph in a recent interview, said that the company’s growth was substantial. He added that the majority of the people who use Unslashed Finance’s crypto insurance service are protocols that seek protection, including DeFi exchanges.
With the blockchain industry and DeFi exchanges gaining huge support from the masses, Unslashed Finance will use the latest product to improve crypto insurance in the long run.
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