Shield Finance Raises $780k for First DeFi Insurance Aggregator Platform

Following a successful wrap-up of its private funding round worth $780k, Shield Finance will release its DeFi insurance aggregation solution across several blockchains via its Initial Dex Offering (IDO) on Ignition Launchpad.

Unique Platform To Reduce Risks Accompanying DeFi Participation

Decentralized Finance (DeFi) is one of the fastest-growing sectors within the cryptocurrency ecosystem.

Even though it offers several options to generate substantial returns and gives you complete control over your assets, investing in cryptocurrency is a risky affair.

The past few years have witnessed investors and users losing millions of dollars due to DEX hacks, bugs, price fluctuations, and market crashes. Unfortunately, there isn’t a safety cover for investors and users.

As a result, an increasing number of investors are demanding DeFi insurance products to ensure security and coverage for their funds.

To address this magnanimous concern, Shield Finance, a leading multi-chain DeFi insurance aggregator, will soon launch the market’s first-ever DeFi insurance aggregator platform via its Initial Dex Offering (IDO) on PAID Network’s Ignition IDO Launchpad.

Shield Finance has successfully closed its first private funding round, raising $780,000 from some of the most significant investment companies.

The project’s immense scope and potential attracted dozens of the leading VC firms and private investors, including DAO Maker, PAID Network, GD10 Ventures, Spark Digital Capital, and many more.

The platform’s proprietary aggregator engine is designed to gather and display all available DeFi insurance listings from several service providers. Users can compare and choose from multiple plans without leaving the platform.

Shield Finance aims to solve two problems with its platform: (i) simplify the sale/purchase of DeFi insurance and (ii) help investors and users with the most cost-efficient insurance packages fitting individual needs.

Securing DeFi Investments From Risks

DeFi is built on top of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term networks as second-layer applications. While the DeFi sector is booming, the inclusion of smart contracts and decentralized protocols can make these novel solutions the target of exploits and hacks, ultimately leading to investor losses.

Shield Finance introduces an innovative concept to ensure investor’s funds are safeguarded against these types of losses.

The company will partner with several decentralized exchanges (DEX), wallet providers, yield farms, and other DeFi-centric investment pools to streamline comparing and buying the most suitable DeFi insurance plans as per the user’s needs.

The platform will be deployed across several blockchains, including Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term, Polkadot, Solana, and Binance. After the IDO, Shield Finance will continue developing the platform, adding more service providers, insurance plans, and releasing its web app.

The CEO of Shield Finance, Denis Gorbachev, hopes that the upcoming platform will eventually solve these problems. He underlines, “Insurance plays an important role in DeFi as a way to de-risk your investments.

With a number of insurance players in the market, a multi-chain insurance aggregator will naturally attract users as a go-to place to buy Insurance. This fundraise will be instrumental in driving the growth and development of Shield Finance.”