Evertas, the crypto insurance company, has raised nearly $5.8 million 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.
The insurtech company, which has developed a underwriting framework for crypto (including blockchain/distributed ledger technology systems) and a full lifecycle insurance product, will use the funding to accelerate product development and build out infrastructure.
Raymond Zenkich, president and founder of Evertas, says: “With a multi-trillion dollar crypto market and less than $5 billion in total insurance capacity, Evertas is developing a key piece of missing infrastructure—crypto insurance.”
“We have seen increasing demand for insurance products as institutional and regulated entities enter the space, creating a multi-billion-dollar opportunity for Evertas.”
J Gdanski, chief executive officer and founder, adds: “Over the next year, Evertas plans to grow its own insurance capacity and launch our own carrier. 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.”
Mark Yusko, founder, chief executive officer and chief investment officer of Morgan Creek Capital Management, and partner and co-founder of Morgan Creek Digital, comments: “Morgan Creek is pleased to be an investor in Evertas. 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, chief executive officer of Hashkey Capital, adds that “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 crypto assets and cybersecurity. We expect Evertas to create a real foothold in the traditional insurance world.”