InsurAce Partners with Dora Factory to provide the industry’s first IDO insurance product to…

Updated date of IDO: 16th June 2021

InsurAce is very excited to announce a new strategic partnership with Dora Factory, to offer the industry’s first IDO (Initial DEX Offering) insurance product on PentaLaunch, an IDO platform owned by Dora Factory. The first event to be covered will be the IDO held by Spherium Finance, an innovative mobile-based, cross-chain wallet solution.

With the booming of various crypto projects, more and more project teams choose an IDO as the primary approach for fundraising and token distribution because of its openness, efficiency, deep liquidity and low cost. However, the smart contract vulnerability risk inherent in the IDO process, similar to any DeFi protocol, is still a major threat to the success of an IDO event. DeFi insurance is an effective method to manage such risk, and that’s why InsurAce has designed and launched this product to safeguard the IDO process.

The IDO insurance product will be offered on a per-platform and per-event basis, covering the smart contract security risk throughout the whole IDO process, and claiming for the loss should there be any security breach and actual loss. The pricing of this insurance will be based on the size of the fund raised, event duration, risk assessment on the IDO platform, as well as a few other factors. InsurAce aims to cover such risk for the IDO projects with competitive pricing and comprehensive risk management services.

PentaLaunch is a permissionless, decentralized bonding-curve auction protocol, incubated and owned by Dora Factory. Anyone can create and perform an IDO on PentaLaunch in an open and safe environment. With the innovative IDO insurance product, PentaLaunch provides another layer of reliability and security to the project teams, making it the most sound IDO platform in the industry. Spherium Finance is an innovative mobile-first, cross-chain wallet that optimises return on crypto-assets while minimising risks. It has a diversified spectrum of products including HyperSwap, SphereComp and Wallet compatible with Ethereum, BSC, and Polygon. With
this successful IDO, they are moving forward strongly and solidly to the next milestones.

“We’re very excited to work together with Dora Factory and Spherium Finance to offer this IDO insurance product on PentaLaunch to safeguard the fundraising process. We hope this product will be part of our grand mission to make crypto a safer place.” Oliver Xie, founder of InsurAce.

This partnership with Dora Factory comes as part of the wider roadmap for InsurAce, working with the right protocols to build sustainable growth, and offering industry-beating insurance services.

About Dora Factory
Dora Factory is a DAO-as-a-Service infrastructure for on-chain governance and open-source ventures. It offers key pallets such as quadratic funding, curve auction, on-chain voting and incentive mechanisms to support open source blockchain ventures from global developer community and decentralized organizations in general

About Spherium Finance
The Spherium Finance platform offers a complete suite of financial services comprising a universal wallet, token swap platform, money markets, and inter-blockchain liquidity transfer. The platform will function as a global financial service provider, extending fundamental financial services to the unbanked.

About InsurAce
InsurAce Protocol is a DeFi Insurance protocol that has quickly become the second-largest protocol in DeFi insurance. At the time of writing, the protocol has a $40 million market cap based on a circulating supply of 11 million INSUR tokens. There is a maximum release of 100 million INSUR Tokens which can be mined through staking on the protocol.

InsurAce is a new decentralized insurance protocol, to empower the risk protection infrastructure for the DeFi community. InsurAce offers portfolio-based insurance products with optimized pricing models to substantially lower the cost; launches insurance investment functions with SCR mining programs to create sustainable returns for the participants; and provide coverage for cross-chain DeFi projects to benefit the whole

InsurAce is backed by DeFiance Capital, Parafi Capital, Hashkey group, Huobi DeFiLabs, Hashed, IOSG, Signum Capital and a dozen of other top funds. In the three months since its first testnest was released, several high profile partnerships have been established. Information to be released in separate releases.

The project lead for InsurAce is Oliver Xie. Oliver started to work on InsurAce project since September 2020, and prior to that, he entered the crypto space back in 2017 where he led a team to research crypto derivatives and blockchain technology, and has gravitated towards the blockchain-based Open Finance for the past few years. He identified an opportunity for a unique approach to providing
insurance for DeFi smart contracts and users, and InsurAce was created.

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