Breach, an up-and-coming InsurTech enterprise dedicated to devising insurance technology and products for the burgeoning cryptocurrency market, is riding high on the wave of success following its latest developments.
Recently, the company has been given the green light by the Bermuda Monetary Authority (BMA) to initiate a class IIGB insurer, a move that signals a significant stride in the company’s mission to create innovative insurance products and make cryptocurrency safer.
Breach has succeeded in securing a sizeable investment round, expertly led by RW3 and LightShed Ventures. Other key investors participating in the funding round include Raptor, Foundation Capital, Road Capital, Republic Capital, and Alumni Ventures.
Focused on pioneering insurance products specifically designed for the unique risks of the cryptocurrency world, Breach aims to offer tailored insurance solutions that are absent in the current market.
With the new carrier, Breach will be able to underwrite emerging crypto risks, while developing custom-made embedded products for crypto-native technologies. Moreover, Breach will make these innovative offerings available through its proprietary InsurTech platform, using straightforward APIs to aid partners in integrating regulated insurance into their technology in mere weeks, as opposed to several months.
Breach has earmarked the newly raised funds for the launch of their new Bermuda insurance carrier and for the continued expansion of its US-based, countrywide licensed MGA. The company also plans to enhance its proprietary InsurTech platform, paving the way for the introduction of commercial-grade products.
Furthermore, Breach has succeeded in obtaining a special IIGB license, designed exclusively for underwriting crypto risks. With this full-stack carrier, Breach is now permitted to operate natively in both crypto and fiat, boasting the ability to denominate policies, receive payments, and pay claims, all in crypto.
RW3 General Partner and former BitGo Head of Americas, Joe Bruzzesi, led the deal for RW3 in the investment round. Bruzzesi lauded Breach, stating, “I am confident that the Breach team has the necessary combination of experience and innovation to address one of the industry’s most significant challenges, and I am thrilled to support their mission.”
LightShed Ventures General Partner/Co-Founder, Jamie Seltzer, echoed the sentiment, remarking, “We view insurance as one of the first steps in professionalising and safeguarding the industry, and we believe the Breach team has the experience, approach, and timing to the market to bring effective coverage to both individuals and businesses.”
In his statement, Breach CEO Eyhab Aejaz enthusiastically confirmed, “The launch of our insurance carrier is a major milestone not only for Breach, but also the crypto industry… Over the last two years we have continued to build on our underwriting capabilities and have drastically expanded our proprietary, best-in-class crypto hack event database, which will help us further refine pricing and further develop our modelling.”
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