Securing Cryptocurrency Wallets Against Crimes and Cyber Threats
Fordefi, a company specializing in crypto wallets for DeFi, has successfully secured insurance coverage against crimes and cyber threats with the help of Munich Re, a major German insurance carrier. The partnership, which holds an unspecified value in dollars, was established with the support of blockchain experts from Lockton’s Emerging Asset Protection team, an insurance broker. Let’s delve into the details of this strategic collaboration:
The Strategic Alliance with Munich Re
Fordefi, a crypto wallet tailored for decentralized finance (DeFi) solutions, has solidified a partnership with Munich Re, the renowned German insurance giant. The collaboration was officially disclosed by both companies through a blog post. The insurance policy for Fordefi’s wallet encompasses protection against cyber attacks, internal fraud, and collusion, all orchestrated with the assistance of the insurance broker Lockton. Notably, the coverage amount in dollars has not been publicly revealed.
- Partnership Details: Munich Re and Fordefi join forces to ensure the security of digital crypto wallets
- Risk Coverage: Policy covers cyber attacks, internal fraud, and collusion
- Broker Involvement: Insurance facilitated by Lockton, focusing on protection beyond smart contracts
Enhancing Protection for Private Keys and Wallet Components
CEO of Fordefi, Josh Schwartz, has expressed that the introduction of this novel product has piqued Munich Re’s interest in deeper exploration within the DeFi landscape, hinting at potential developments in the future. Schwartz, having previously held the position of Chief Operating Officer at Curv, a cryptographic custody firm acquired by PayPal in 2021, was among the initial collaborators with Munich Re. The insurance policy safeguards against external cyber threats, attacks jeopardizing the platform, and internal fraud within the organization, focusing on the secure management of private keys and wallet components.
- CEO Insights: Josh Schwartz outlines Munich Re’s interest in the evolving DeFi industry
- Policy Coverage: Protects against cyber threats, internal fraud, and collusion
- Mutual Engagement: Munich Re collaborates with DeFi participants for secure frameworks
Previous Funding Round and Future Development Goals
Bolstered by a prior funding round of $10 million, Fordefi is committed to mainstreaming web3 wallets in the financial realm. Recently concluding a strategic funding round of $10 million, categorized as a seed extension following the preceding $18 million funding round, Fordefi attracted investment from Electric Capital led by Paxos Trust Company and Alchemy.
- Funding Recap: Fordefi raises $10 million in a strategic funding round
- Market Expansion: Focus on developing wallet-as-a-service offerings
- Growth Strategy: Targeting institutional investors with self-custody wallet solutions
Closing Thoughts on Fordefi’s Security Measures
With the expansion of the web3 industry and digital assets, Fordefi is poised to introduce secure self-custody wallet services in collaboration with institutional partners. The company’s integration with Ethereum, Cosmos, and Solana ecosystems allows for multi-chain compatibility, with a transaction volume exceeding $3 billion to date. By enhancing its portfolio and security infrastructure, Fordefi aims to maintain its competitive edge and solidify its position as a leading provider of MPC wallets for institutional investors.
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