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Crypto insurance a ‘sleeping giant’ with only 1% of investments covered Crypto insurance a ‘sleeping giant’ with only 1% of investments covered
Business / Crypto

Crypto insurance a ‘sleeping giant’ with only 1% of investments covered

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While on-chain insurance has been around since 2017, only a measly 1% of all crypto investments are actually covered by insurance, meaning the industry remains a “sleeping giant,” according to a crypto insurance executive. Speaking to Cointelegraph, Dan Thomson, the CMO of decentralized cover protocol InsurAce said there is a massive disparity between the total value locked (TVL) in crypto and decentralized finance (DeFi) protocols and the percentage of that TVL with insurance coverage: “DeFi insurance is a sleeping giant. With less than 1% of all crypto covered and less than 3% of DeFi, there’s a huge market opportunity still to be realized.” Though plenty of investment has poured into smart contract security audits, on-chain insurance serves as a viable solution for digital asset protect...