Evertas, a digital asset insurance provider, has announced the acquisition of Bitsure, a pioneering insurer for crypto mining operations.
Launched just a couple of years ago in 2021, Bitsure rapidly made strides in the industry, accounting for the insurance of about 6% of the Bitcoin mining network today.
The acquisition aims to address the intricacies of insuring crypto mining operations, a task more complex than insuring regular network data centres or other operations with high concentrations of computer hardware. This difficulty has often led to the lack of adequate insurance for crypto mining operations. The deal also gives Evertas access to a crypto mining policy writing authority of up to $200m per location, which is unprecedented in the industry and 20 times more than Bitsure’s previous capacity.
Evertas is the world’s first dedicated crypto insurance company, providing digital asset insurance solutions. Its latest acquisition, Bitsure, is a pioneer in providing insurance for crypto mining operations, filling a significant gap in the market. The company began operations in 2021 and issued its first policy in June 2022.
In joining forces with Bitsure, Evertas stands to gain from the new addition of key personnel and their deep knowledge of crypto mining risks and the broader Web3 ecosystem. Evertas’ enhanced capacity will be a game changer for crypto mining operations of all sizes. Bitsure’s Co-Founder, Thomas Shewchuck, will take up the role of head of underwriting at Evertas, bringing his rich experience in the industry to the company.
Evertas CEO and Co-Founder, J. Gdanski said, “Bitsure is a product of smart and eager entrepreneurs who built a great company fulfilling a critical yet mostly unmet need. As a result, Bitsure quickly grew to the point where they needed help scaling—not just from an insurance capacity perspective but also from a team and resources perspective. These are all things Evertas has to offer.”
Bitsure’s regulatory compliance expert and lead underwriter, Sarah Leon, will reprise her role at Evertas. “The Bitsure team saw the huge insurance gap afflicting a vibrant but poorly understood market and decided to build a solution. It’s a very relatable story because it describes our origin as well,” Evertas Co-Founder and President Raymond Zenkich said.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
