Singapore-based InsurAce surged $1 million in a seed round led by Arthur Cheong of DeFiance Capital.
The number of DeFi hacks is growing noticeably, especially now that DeFi’s Total Valued Locked hits new records this year. According to Ciphertrace, hackers have targeted $100 million since January. And that without the $20 million hack of Pickle Finance announced this weekend. Singapore-based InsurAce Protocol suggests solving the problem. InsurAce is a new type of decentralized insurance platform with its own token aiming to protect DeFi users from cyber attacks.Arthur Cheong, one of the earliest DeFi investors, led a $1 million seed round through his firm, DeFiance Capital. InsurAce is DeFiance’s first insurance major investment.
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The service is planned to launch in December. Among participants were ParaFi Capital, Huobi DeFi Labs, Hashed, Signum Capital, and Lunex Ventures. DeFiance Capital, also based in Singapore, contributed $500,000 of the seed investment. InsurAce differs from existing decentralized protocols such as Nexus Mutual as it allows users to buy just once and get everything insured. As for other protocols, they require to buy coverage each time users farm a new protocol.