LONDON, UK / ACCESSWIRE / December 11, 2020 / Ether Insure, a defi insurance protocol founded by former Lloyds Insurance executive, Allan Henderson today announced the launch of their testnet application on Ethereum's Rinkeby. The testnet marks a key milestone for the insurance application, allowing users to test Ether.Insure's smart contract failure product.
Smart Contract coverage will be initially available for Compound (COMP), Ethereum 2 (ETH2) and MakerDAO, with other established protocols to be added later. This marks the first step for the protocol that is looking to grab market share of the 15 Billion DeFi market cap of which 99% still remains uninsured. Another incumbent player, Nexus Mutual sold out of this type of insurance a few weeks ago, highlighting the existing demand Ether Insure is looking to fill.
"In order to achieve our goal of becoming a defi insurance marketplace, it's critical to launch this first product and get user feedback." Allen Henderson.
Building on this momentum, Ether Insure also announced some of their pilot partners for their next product offering; Single Asset Custom Insurance Pools. These Custom Pools allow cohorts of people e.g. participants in a new project, to establish an insurance market for that project. It is a flexible and much needed product to service the fast moving DeFi eco-system.
Pilot partners who have confirmed or expressed strong interest include; Bubble Network and Core (cvault.finance). Leom Temple CEO of Bubble Network (subsidiary of Tenamis LTD) commented on the partnership by saying;
"There are currently not enough insurance providers in DeFi & Crypto as a whole at the moment. I feel that a strategic partnership with Ether.Insure was a necessary option which we considered, & could be a great safety net for all BBL investors"
When launched, custom pools will be open to anyone who wishes to create a pool, however initial pilot pools will be triggered by Ether Insure and the respective partner.
Next up on Ether Insure's roadmap is Initial Distribution of their token and launching the above-mentioned custom pools on their testnet, with full mainnet launch on track for January 2021.
To find out more about Ether.Insure please visit: https://ether.insure/
Media contact
Company: Ether Insure
Contact: Theresa Hamilton, Head of Growth
E-mail: [email protected]
Telegram: https://t.me/ether_insure
LinkedIn: https://www.linkedin.com/company/etherinsure
Twitter: https://twitter.com/ether_insure
Medium: https://medium.com/@etherinsure
Website: https://ether.insure/
SOURCE: Ether Insure