Shield Finance Closes Private Funding Round To Meet Climbing DeFi Insurance Demand
In a reflection of the sizable demand for DeFi products that continues to swell, Shield Finance has raised $780,000 from a consortium of private investors to deploy its insurance aggregation solution across multiple blockchains.
DeFi Insurance Aggregation Platform To Launch Via Initial Dex Offering
As the total value locked (TVL) in decentralized finance (DeFi) protocols continues to rise, the spectacular climb in interest has taken the cryptocurrency universe by storm. Still, the spotlight on DeFi has bared more than just the benefits alone. Every week a new tale of DeFi losses unfolds.
Bugs, exploits, and hacks have already reportedly cost investors, and while Insurance for these products is available to an extent, the fragmentation of these insurance solutions hurts their accessibility. Moreover, adoption is still not commonplace despite the available options.
To simplify these insurance offerings and bring them to a larger audience in a more frictionless user experience, Shield Finance has developed the first multi-chain DeFi insurance aggregation platform compatible with Ethereum, Polkadot, Binance Smart Chain, and Solana.
After reaching the $780,000 hard cap for its latest private funding round from a group of investors, including DAO Maker, GD10 Ventures, Master Ventures, NGC Ventures, Spark Digital Capital, Titan Ventures, and Zokyo, among others, Shield Finance is planning to launch its platform via initial Dex offering (IDO) on PAID Network’s Ignition Launchpad.
According to Shield Finance CEO Denis Gorbachev,
“Insurance plays an important role in DeFi as a way to de-risk your investments. With a number of insurance players in the market, a multi-chain insurance aggregator will naturally attract users as a go-to place to buy insurance. This fundraise will be instrumental in driving the growth and development of Shield Finance.”
De-Risking DeFi
Just like travel aggregation sites, Shield Finance envisions itself as a promising way to help investors more confidently navigate the DeFi arena with the knowledge that their investments are protected to a greater extent against rug pulls, sell-offs, and exploits. The platform effectively uses its aggregation engine to build customized insurance solutions for users while also helping users access the cheapest insurance policies.
Users can accomplish this from one interface, helping them compare costs between insurers. In the future, Shield Finance intends to partner with DeFi wallets, exchanges, and yield farms to bring these services to the largest possible market.
In the future, the platform intends to roll out other value-added features like a web app, a more significant number of service integrations, and bring more insurance providers to give the best experience possible. Taken together, Shield Finance aims to be the go-to provider for affordable DeFi de-risking solutions.
