Decentralized multi-chain insurance protocol, InsurAce.io, has made it among the five startups selected by BNB Chain as part of the fourth batch of its MVB IV incubation program. The move means that the project now stands a great chance of benefiting from the program’s $300 million fund. They can look forward to other opportunities, including access to exclusive events, mentoring, and technical support.
The milestone by InsurAce.io says a lot about its future potential, considering that it beat a pool of over 300 applicants to make it this far. Ultimately, it will be targeting to be among the final three projects. Furthermore, being among the final five means that the project could potentially emerge victorious as the monthly star.
Binance’s MVB is currently in its fourth season, and it targets to help startups in the crypto market and blockchain space to reach their full potential. Specifically, it is working within the MetaFi and Smarter DeFi ecosystems for the Web3 sector. Projects that make it through the MVB incubation program benefit from technical assistance, financial support, marketing, networking, among other benefits. These benefits help not only the project entrepreneurs but also their communities.
Founded in 2021, InsurAce is a decentralized multi-chain insurance protocol built with the DeFi community in mind. Particularly, it aims to provide a strong infrastructure to protect DeFi users from risk. Currently, it protects over 114 protocols, hosted by more than 16 chains. Also, its projects have a Total Value Locked (TVL) worth more than $262 million. Some of the notable protocols it covers include Hashkey Group, DeFiance Capital, Huobi DeFi Labs, Parafi Capital, Alameda Research, Long Hash Ventures, Hashed, and Signum Capital.
It is essentially a portfolio-based insurance product with improved pricing structures that significantly reduces expenses. It has adopted flexible underwriting mining programs, which it uses to generate long-term gains for participants.