PR96882

HAMILTON, Bermuda, July 6, 2022 /PRNewswire=KYODO JBN/ --

Today, Chainproof is launched as the world's first regulated smart contract

insurance provider.

Logo - https://mma.prnewswire.com/media/1853842/Chainproof_Logo.jpg

Chainproof was incubated by Quantstamp, a leading blockchain security auditor

that has secured over $200B in digital asset risk. With seed investment and

foundational support from SOMPO Light Vortex and reinsurance backing from

Munich Re, Chainproof bridges the worlds of traditional insurance and

decentralized finance (DeFi). By July 2022, Chainproof plans to offer licensed,

institutional-grade insurance coverage for open-source, non-custodial smart

contracts on public, decentralized blockchains[1].

The rapidly growing world of DeFi has over $70B of total value locked, a 6000%

increase from two years ago according to https://defillama.com. However, this

growth comes with significant risk as hacks and exploits of smart contracts

have occurred various times in the recent past. Further, traditional insurers

generally lack the historical data and technical expertise required to properly

underwrite insurance related to smart contracts. As asset managers continue to

seek credible solutions to protect the growing crypto portion of their

portfolio, the lack of regulated insurance has kept DeFi from achieving

mainstream adoption. Quantstamp's technical knowledge and deep understanding of

the web3 ecosystem enables Chainproof to identify the good risks in this market

sector. By combining forces with SOMPO and Munich Re, global leaders in

(re)insurance, Chainproof is positioned to become the world's leading regulated

smart contract insurance provider.

"SOMPO is proud to be a foundational partner to Chainproof, a pioneering

insurance provider for the growing DeFi economy," said Koichi Narasaki, CEO of

SOMPO Light Vortex and Executive Officer of SOMPO Holdings. "Chainproof

represents the leading-edge of regulated insurance solutions for the

groundbreaking world of Web3."

"Quantstamp and Chainproof provide the specific risk assessment expertise which

is needed to navigate the emerging DeFi insurance market. Institutional

investors will be further enabled to succeed in the DeFi sector, if they are

covered by regulated insurance, which we support through reinsurance." says

Andre Knoerchen Head of New Tech Underwriting, from Munich Re.

"We are honoured to have been trusted by such distinguished partners in the

traditional insurance industry as SOMPO and Munich Re. Given the fact that

there is no such thing as a 100% secure smart contract system, we see the

product offered by Chainproof as a must-have for institutional investors who

want to navigate the DeFi space safely" said Sebastian Banescu, CEO of

Chainproof.

Chainproof is proud to be backed by some of the top names in Web3, including

Compound, Aave, Lido, Synthetix, Kyber, Amber Group, MakerDAO, Badger, DeFi

Alliance, The Graph, Coinlist, Zynga, Illuvium, Hashgraph, Rally,  Celo,

Polygon, Blockfolio, Dapper Labs, and more.

Are you an institutional investor looking for smart contract insurance? Find

out more at quantstamp.com/blog/chainproof or contact us at

chainproof@quantstamp.com.

1.Only available in certain jurisdictions. Chainproof is currently licensed by

the Bermuda Monetary Authority Sandbox program with an IGB license.

SOURCE - Quantstamp