InsurAce.io is delighted to confirm that after a successful application, they have been approved a development grant from Harmony.
InsurAce.io is proud to confirm that their application for a grant from Harmony Protocol has been approved, initiating an exciting future and potential growth for DeFi insurance overall.
Harmony set up a fund to drive blockchain adoption on all networks and to strategize and grow their own ecosystem. The total fund allocated for this mission amounts to $300m and the thesis is based on build, play and talk.
Harmony set aside $20m for 100 ports. Recipients of each grant for porting must have already achieved product market fit. InsurAce.io felt it was imperative to make this application due to the large success achieved in only 9 months since launching. Now, InsurAce.io has the opportunity to scale, with Harmony’s help, and will be able to thrive on their mainnet.
DeFi insurance is growing at an exceptional pace and is a core component to securing the assets for many blockchain users. Hacks and frauds are far too common within the industry and without the opportunity to insure digital assets, users are not protected against such attacks. InsurAce.io has over $238m in total valued covered already.
InsurAce.io has a mission to become fully multi-chain, providing the best possible service for its community and accelerating business growth. Harmony felt that as the leading DeFi insurance provider, InsurAce.io should receive the grant to continue building what is a strong and composable building block within the DeFi infrastructure.
Harmony’s core team had an internal discussion and were quick to confirm that InsurAce.io was to be approved for a port grant.
This money will be split up into two payments. Firstly, a portion has been designated to allow InsurAce.io to port on the mainnet, while the rest has been set aside for the integration of 5 projects.
“We’re ecstatic that Harmony has approved our application for a grant from their treasury fund. We’ve listed several products that were built on the protocol already and we have always had strong belief in the success of their ecosystem. This grant has given us the opportunity to move one step closer towards becoming fully multi-chain. Last week, we received the grant and seal of approval from NEAR. It’s a testament to our hard work that this grant from Harmony has followed. We’re really excited to work closely with the Harmony team and ensure DeFi insurance gets the traction it deserves.” Oliver Xie, Founder, InsurAce.io
InsurAce.io is a decentralized multi-chain insurance protocol, to empower the risk protection infrastructure for the DeFi community. InsurAce.io offers portfolio-based insurance products with optimized pricing models to substantially lower the cost; launches insurance investment functions with flexible underwriting mining programs to create sustainable returns for the participants; and provides coverage for cross-chain DeFiprojects to benefit the whole ecosystem.
At the time of writing, InsurAce.io has provided coverage to 104+ protocols, safeguarding over $240M DeFi assets on 16+ public chains.
InsurAce.io is backed by DeFiance Capital, Parafi Capital, Alameda Research, Hashkeygroup, Huobi DeFiLabs, Hashed, IOSG, Signum Capital, LongHash Ventures and a dozen of other top funds.
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