Blockchain-based insurance protocol InsurAce.io has revealed the approval of a development grant from NEAR protocol. This development will enable InsurAce.io to develop various innovative products within its ecosystem.
Major milestone for InsurAce.io
The acquisition of the grant is a major milestone for InsurAce.io, which has continued to record steady growth since its launch in April 2021. The insurance protocol has provided a decentralized solution towards delivering insurance products and protection to DeFi products.
NEAR Protocol is a sharded, Proof-of-Stake a layer-one blockchain that makes it easy for developers and teams to build decentralized apps and products.
It combines EVM (Ethereum Virtual Machine) and Rust technology to create a highly scalable architecture that can process many transactions and provide interoperability features. NEAR Protocol also runs a $250 million grant that allocates funding to different DeFi projects that can provide value within its ecosystem.
With the grant, InsurAce.io will be able to collaborate with NEAR Protocol to achieve a unified goal of creating a multi-chain ecosystem. Furthermore, the insurance protocol will also be able to take a major step towards adoption and become a leading player within the blockchain industry.
An innovative blockchain protocol
Since its launch in April 2021, InsurAce.io has emerged as one of the fastest-growing blockchain projects. This is due to its innovative approach towards providing insurance products and protections to DeFi projects.
The DeFi sector is still relatively new, and many protocols are vulnerable to hack attacks and smart contract exploitation. InsurAce.io provides a robust insurance service to defi protocols to protect their protocols without traditional insurance platforms’ complex processes and requirements.
There is no need for KYC, and InsurAce.io provides cross-chain coverage for users and low pricing plans. In addition, all activities and transactions are stored on-chain and can be accessed by all stakeholders providing a fair and transparent insurance claiming process.
Currently, it offers protection for smart contract risks, custodian risks, IDO event risks and stablecoin de-peg risks. The blockchain protocol has also secured partnerships with coverage to over 100 protocols and secures over $200 million worth of DeFi assets on over 15 public chains.
Liquidity providers can also delegate their capital to underwrite insurance risks in supported pools in exchange for rewards in INSUR tokens. This provides investors with a low-risk passive income opportunity to generate sustainable returns for their investments.
More developments in the future
The team behind InsurAce.io have continued to work towards achieving the timelines on its roadmap. As a result, there are plans to launch a few products in the coming months. Some of which include adding new insurance products, launching a multi-chain aggregator, and deploying to new EVM chains.
InsurAce.io also plans to list INSUR tokens on multiple centralized and decentralized exchanges to foster its adoption in the coming weeks.