Evertas, A Cryptocurrency Insurance Firm Successfully Raised $14 Million Despite Bear Market

Polychain Capital led the Series A investment, which also included SinoGlobal Capital, Morgan Creek, and Balaji Srinivasan. Evertas, the cryptocurrency insurance startup that was approved by Lloyd’s of London earlier this year, has raised $14 million in funding, highlighting the need for reassurance in the volatile, uncertain digital asset industry.

Polychain Capital led the $14 million Series A round, which adds to the $5.8 million seed capital acquired last year, bringing the company’s total outside investment to $19.8 million.

This cryptocurrency insurance for bitcoin wallets against hacks, thefts, and natural disasters hasn’t convinced all of the main exchanges that it’s worth the effort, owing to factors such as hefty premiums and ambiguous policy wording. However, in these unpredictable times, having insurance over assets ensures that a third party expert underwriting agency has examined a firm’s systems and controls, according to Evertas CEO J. Gdanski.

Furthermore, Gdanski stated that Evertas has been in contact with the Securities and Exchange Commission (SEC) about how insurance can be an effective proxy for regulation in a rapidly evolving technology like custodial cryptocurrency – a need that will become even more pressing in the aftermath of the recent FTX collapse.

According to investor Andrew Keys, co-founder of advisory firm DARMA Capital, the crypto insurance space has essentially no actual and devoted expertise outside of Evertas.

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