SAN FRANCISCO, December 14, 2022 /PRNewswire/ — Witness, the Insurance of Tech, is live with the first insurance solution designed for Web3 businesses. The company is underwriting Web3 companies with expanded policies to cover smart contract vulnerabilities, DAO, crypto and more.

“Insurance is a critical part of every business’ financial operating system. Without proper coverage, the personal assets of the founders and the entire business can be at risk, and Web3 is no different,” he said. Jared KleeWeb3 Director for Vale.

In the last 18 months, over 3,000 Web3 startups have raised almost $40 billion. Many of these are run by founders who build strong companies solving real problems for real users. To date, Web3 companies have had no choice but to settle for insurance that did not address their unique needs and risks, or go without insurance, which limits their growth.

“We are live and ready to reassure the many Web3 founders that they are building long-term successful businesses. At the same time, we will not hesitate to turn away any company that appears to have questionable business practices,” Klee added.

Web3 is Vouch’s latest coverage area. With $160 million Sourced from top-tier Silicon Valley institutions and backed by world-class reinsurers, Vouch is the trusted partner that will be there when you need it most. Release clients for Vouch Web3 protection policy include Ansible Laboratories, bit wave, star dustY utopia laboratories.

“Ansible Labs is building a global programmable money movement platform and the right insurance policy plays a key role in instilling confidence in our customers and partners,” he said. Dan Motticeco-founder and CEO of Ansible Laboratories. “Vouch’s Web3 policies were designed specifically for businesses like ours, and their ability to quickly analyze and assess our unique needs was second to none.”

Although traditional policies generally exclude cryptoVouch’s Web3 Protection Policy has been designed with crypto, DAO, NFT, smart contract vulnerabilities and more in mind. It includes four expanded coverages to address key Web3 risks based on a client’s specific needs:

1. Directors and Officers (D&O): Helps protect the company and the personal assets of founders, officers and board members from covered claims alleging wrongful acts, such as misrepresentation or breach of fiduciary duty, along with the cost of responding to or defending against the claims.
2. Errors and omissions (E&O): Helps protect the business in situations where there is a claim for the business’s services that allegedly causes a financial loss to a customer.
3. cybernetic– Helps cover the cost of data breaches caused by bugs, hacking, and social engineering, as well as protection against privacy breaches, security breaches, and system failures.
4. Crime: helps protect the company against theft, forgery and employee fraud, as well as the protection of certain digital assets.

To further address the needs of its Web3 clients, Vouch has also assembled a strong network of partners to complement its own coverage. The partner network includes fire blocks for direct custody technology, Silicon Valley Bank for banking, upside down for token management, and Tactic for accounting

“At Fireblocks, our priority is minimizing risks for our clients by mitigating counterparty and loss-of-funds risks, as well as removing the complexity of working with digital assets,” he said. Adam Levine, Vice President and Director of Corporate Strategy at Fireblocks. “For risks beyond digital asset management, we are proud to partner with Vouch to help clients further reduce risk to their operations and meet compliance obligations so they can safely scale their businesses.”

Web3 startups and founders interested in learning more about Vouch’s Web3 Protection Policy and exploring whether they qualify can visit avale.us/web3.

About the bonus

Vouch is a US-based provider of commercial insurance to thousands of high-growth businesses that has raised $160 million from top-tier Silicon Valley institutions and investors, including Redpoint Ventures, Y Combinator, Silicon Valley Bank, Ribbit Capital and Index Ventures. Since its inception in 2018, the company has empowered clients to get risk management right through niche expertise, a proprietary pricing and underwriting approach, rapid and digital acquisition, and coverages that scale as they grow. the company grows.

As ‘The Insurance of Technology’, Vouch believes it is its responsibility to provide effective and affordable insurance solutions to innovators in emerging categories. These entrepreneurs are placing big bets on the future, and Vouch’s job is to ensure that risks that are incidental to his vision are eliminated. Today that means releasing protection for Web3. Tomorrow, it could be Weather or Space. Wherever the next generation of founders go, Vouch will be there to protect them.

You can find more information about the bonus at https://www.vouch.us

Vouch Insurance Services, LLC (NPN #19039391) and Vouch Specialty Insurance Services, LLC (NPN #19926463) are licensed in the states in which they do business. Detailed license information is available at https://www.vouch.us/licenses.

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SOURCE Ok