- InsurAce launches full spectrum multi-chain insurance services.
- The multi-chain launch will be a 2-phase process.
- The mainnet was initially launched on the Ethereum network and is home to native token INSUR.
InsurAce announces its recent launch in the full spectrum, multi-chain insurance services on its Ethereum-based DApp. This move makes the DApp the first of its kind to offer multi-chain insurance services in the industry.
The launch was well encouraged by InsurAce’s respected investors. These include notable names such as Alameda Research, DeFiance Capital, DeFiLabs, Hashed, Hashkey group, Huobi, IOSG, Parafi Capital, and Signum Capital. The DApp is home to the native token INSUR.
The leading DeFi insurance protocol aims to empower and offer greater security in the fast-paced, ever-expanding DeFi ecosystem. It recognizes that offering multi-chain services will bring greater security and offer more opportunities to its clients.
Founder of InsurAce, Oliver Xie says,
Our team have been working tirelessly to bring this product to market. Ahead of releasing native tokens on each chain with bridges to our main token on Ethereum, we have been able to develop this fantastic product to offer insurance services to a far wider range of protocols than anyone else in the DeFi Insurance industry.
The DApp is aware of the fact that limitations such as high gas fees and low efficiency on the Ethereum network have slowly pushed many protocols to launch their own public chains. Therefore, they finally implemented their long-awaited multi-chain insurance plan from their initial roadmap.
After InsurAce’s mainnet launch in April, it was only a matter of time until it began to implement its 2-phase multi-chain launch. Phase 1 is now live since May 21, 2021. This phase is dubbed InsurAce Multi-chain v1.0. It will cover all possible risks when corresponding with other chains. Hence, users can buy covers for their assets on other chains with stablecoins and ETH.
Phase 2, known as Multi-chain v2.0, will be ready for release in June. This phase covers bridging assets to deploy them on other chains. Thus, ensuring the users that their assets will be protected at all times from anywhere in the DeFi ecosystem.
With the successful launch of phase 1, InsurAce users can now use their assets on other protocols built on multi-chains like BSC, Fantom, HECO, Polygon, Solana, and more. They can also continue to use their assets on the existing protocols running on the Ethereum network.
Additionally, the most exciting feature is that the new launch will cover assets on centralized exchanges as well. Users will enjoy a greater security feature where their assets will be guarded from further risks. These cover risks of loss from fraudulent takings, criminal appropriation, and suspension of asset withdrawal.
Finally, Xie believes that this product will be a huge step forward for InsurAce and the industry. The multi-chain insurance launch is a part of their grand mission to make crypto a safer place. Hence, working with other chain protocols will help them build sustainable growth and offer greater insurance services.