Uncut financesa London, UK-based company that offers insurance products for crypto assets has raised $2 million in funding.
Supporters included Lemniscap, P2P Capital, Bitscale Capital, Chainlayer and several angels including Enzyme founder Mona El Isa, founder of Kyber Loi Luu, founder of Deversefi Will Harborne and founder of Argent Itamar Lesuisse.
The company intends to use the funds to further expand its operations and business reach.
Led by Marouane Hajji, Founder, Unslashed offers crypto asset insurance products that cover significant risks, from exchange and smart contract hacks to validators slashing on stablecoin pegs and oracle failures. The company has developed a decentralized protocol for people willing to insure their wealth and investors looking to earn an uncorrelated return. The protocol ensures that all underwritten risks are continuously collateralised and the entire claims process is fully decentralised, independent and transparent. Unslashed has already sold more than $400 million worth of insurance across various protocols and policies.
Clients include decentralized exchange aggregator ParaSwap, infrastructure provider and validator for Ethereum Lido Finance, Ethereum-based on-chain decentralized wealth management protocol Enzyme, and several crypto-hedge funds such as Techemy Capital, which use insurance to secure a specified number of to hedge against risks.