“We received 180 claims in total. InsurAce paid out $11.7 million to 155 affected TerraUSD Classic victims,” he said. Some 8% of InsurAce’s USTC payout was made in stablecoins, while 60% consisted of layer-1 tokens, and the remaining 4% was paid in the platform’s INSUR token. According to Thomson, this process took one month to complete, which is typically faster than payouts processed by traditional insurance firms.
“A risk pool is like a liquidity pool, but this involves retail and institutional investors allocating money to subsidize the risks on insurance. This creates a more democratized insurance process,” he remarked. Indeed, democratization seems to be a common theme among crypto insurance providers. For example, Nexus Mutual is a discretionary mutual currently covering millions of dollars in Ether for various DeFi projects.
Even with certifications and credibility, insuring crypto assets remains a tricky business. For example, a number of cryptocurrency exchanges have been under fire recently for making false claims of being insured.
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