InsurAce is relaunching its $BUSD & $USDT De-peg covers with brand new Cover wordings on 1st October 2022.
We are excited to inform you that Coverage sales for Stablecoin De-peg products are OPEN once again!
In May 2022, the TerraUST De-peg shook the cryptosphere to its core. And as one of the leading DeFi Coverage protocols globally we stepped in to provide succor to more 150 victims of the crash. But we didn’t stop there, we also took an extra step forward to re-evaluate our Policy Wording, and Risk management strategies to ensure that we protect the interests of our Underwriters & Investors effectively. While we did this, we placed our Stablecoin De-peg product on a brief hiatus.
Our team went back to the drawing board, to restructure our risk Stablecoin-related product offerings. Now, we are delighted to inform you that our Stablecoin Products are now active once again. And this time, they are back, bigger and better.
We have started with the USDT & BUSD Stablecoins, with a combined Coverage capacity of $2.4 million — while the team works assiduously with the Circle team to enlist USDC as well, within the next few weeks.
Stablecoin De-Peg Cover.
Stablecoins are blockchain based-assets that are pegged, typically 1:1 to a specific fiat currency. USDT, BUSD and USDC are the top 3 most widely-adopted Stablecoins in the world — with a combined Circulating Capital in excess of $200 billion.
Stablecoins are the nucleus of the DeFi world. They serve as an ample medium to price various on-chain products and services, but they also serve reliable yield-bearing assets on many DeFi protocols. Hence, structuring Coverage a solid De-peg Cover product is pertinent to our goal of de-risking DeFi and creating a Safe Crypto Space for Investors and Users all over the world.
Our De-Peg cover products provide protection in the event where any of the listed Stablecoin moves significantly below its pegged price.
BUSD Cover
- Product — BUSD Stablecoin De-peg risk
- Chain — Ethereum, BNBchain, Avalanche, Polygon(Matic)
- Monthly Premium — 0.06%
- Initial Capacity — $1.4 million
- Read cover wording — here
- Buy Cover — here
BUSD is issued by the world’s largest Crypto exchange Binance. Over the years, BUSD fuels the thriving ecosystem, consisting of more than 1,200 projects built on top of the BNB Chain. By listing this product, we aim to extend Coverage services to the community of over 28.6 million users of various services on the BNBChain.
You can access our BUSD De-peg product across 4 different EVM-enabled chains including Ethereum, BNBChain, Avalanche & Polygon matic.
USDT De-peg Cover.
- Product — BUSD Stablecoin De-peg risk
- Chain — Ethereum, BNBchain, Avalanche, Polygon(Matic)
- Monthly Premium — 0.06%
- Initial Capacity — $1.2 million
- Read cover wording — here
- Buy Cover — here
USDT, issued by Tether.to is the world largest and most widely adopted stablecoin. Its multi-chain composability and reliability over the years has seen it become popular among millions of DeFi investors, and Yield farmers across the world.
NOTE:
Current holders of $BUSD and $USDT De-peg Risk Cover will continue with their current terms and conditions until 14th October 2022 after which the new terms and conditions will apply.
Please note that in continuing with your $BUSD and $USDT De-peg Risk Cover after 14th October 2022, you are agreeing to the new terms and conditions. If you do not agree, you can choose to discontinue using the cover and cover wordings before 15th October 2022.
Users are able to view the new cover summary and links to the new terms and conditions for the $BUSD De-peg Risk Cover here and the $USDT De-peg Risk Cover here.
InsurAce users will be able to purchase the USDT Stablecoin De-peg Coverage across three chain, including Ethereum, BNBChain and Solana.
BUSD & USDT have since been added back to join our Smart Contract Vulnerability, IDO, Custodian Insurance and other services already offered via the InsurAce.io dAPP.
Remember to check out our Cover wording update here to see a quick snapshot of the important changes that we made to our Cover wording and Risk management procedure. Institution users with specific demand, please contact us at contact@insurace.io
Bundled Covers
Likewise, users will also be able to purchase BUSD & USDC products and components of Bundled Covers. This broad product allows users to take advantage of two or more of our insurance products in one neat package.
The bundled covers may include covers under the same risk type, or across multiple risk types, and they can also be custom-built for specific user cases. For Institutional users with specific Crypto Coverage needs, please send us an email at: contact@insurace.io
About InsurAce
InsurAce.io Protocol is a DeFi Insurance protocol that has quickly become the second-largest protocol in DeFi insurance. The $INSUR token was released in February 2021, followed by a mainnet launch to the Ethereum Network in April 2021.
InsurAce.io is backed by DeFiance Capital, Parafi Capital, Alameda Research, Hashkey group, Huobi DeFiLabs, Hashed, IOSG, Signum Capital, and a dozen of other top funds.
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