Insurance marketplace Tidal Finance raises additional $1.8 million Eth2 stakers and validators can soon purchase cover using Tidal’s slashing insurance for proof-of-stake protocols.
Tidal Finance, a Polkadot-based insurance platform, today announced an additional $1.8-million investment round to launch its decentralized insurance marketplace in the coming month. Investors in this oversubscribed strategic raise include Spartan Capital, Hypersphere Ventures, Kenetic Capital and QCP capital. To date, Tidal Finance has raised a total of $3.8 million for protocol and ecosystem development.
“Insurance solutions are in high demand as high-value smart contract hacks have become more prevalent. While the total value locked in DeFi is approaching $40 billion, less than 3% of the assets are insured because of the limited availability of insurance. Tidal fills this gap by employing risk management strategies similar to traditional insurance companies to improve capital efficiency,” said Chad Liu, CEO of Tidal.
In the past month, Tidal has formed over 20 partnerships with other project teams to bring safety to their users. These collaborations will help users of such projects to access insurance coverage in return for providing liquidity in Tidal’s capital pool. Some recent partnerships include HydraDX, Cere Network, Equilibrium, Reef Finance, StakeDAO, StaFi, bZx, etc.
In addition to making DeFi insurance cheaper and more affordable, Tidal is also launching insurance products for areas never-before covered. Soon, validators and delegators of different PoS protocols, including Ethereum 2.0, can buy insurance against slashing risks. “We invite protocols and validators to insure their users against slashing events. We’ll soon be launching a variety of incentive programs for early adopters,” added Liu.
“Polkadot is the fastest-growing ecosystem for DeFi. We are excited to use the Tidal insurance platform to cover Hypersphere’s liquidity mining and staking operations across our portfolio of Polkadot and Kusama projects.”
— Jack Platts, managing partner at Hypersphere Ventures
Tidal will be distributing its utility tokens amongst users in Q1.
About Tidal Finance
Tidal is a cross-chain decentralized discretionary mutual cover protocol that offers the DeFi community the ability to hedge against failures of any DeFi protocol or asset. By directly leveraging up the reserve to cover multiple protocols at the same time, the maximization of capital efficiency attracts LPs, while the offering of a competitive insurance premium attracts buyers.
Tidal’s core team consists of serial entrepreneurs and blockchain veterans who have tremendous experience and a proven track record in cybersecurity, code auditing, finance, cryptography, blockchain and engineering. Tidal is backed by Hypersphere Ventures, KR1, Spartan Capital, NGC Venture, QCP Capital, Kenetic Capital, Genesis Block and AU21 Capital.
For Press Inquiries, please contact Chad Liu, CEO, Tidal Finance chad@t idal.finance.
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