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Nexo

Multi-Chain DeFi Insurance Aggregator Shield Finance Raises $780k In Private Funding

Bitcoinist by Bitcoinist
1 year ago
in Industry
0

The decentralized finance industry needs to keep evolving and growing. Shield Finance aims to provide a DeFi insurance aggregator service across multiple blockchains. Following a successful funding round and ahead of the upcoming IDO, there is a lot to look forward to.

The Purpose Of Shield Finance

The future of decentralized finance will heavily rely on integrating multiple blockchains. Providing decentralized finance solutions that go beyond one blockchain is the next paradigm. Shield Finance aims to explore a multi-chain DeFi architecture that spans Polkadot, Ethereum, Binance Smart Chain, and Solana. All four of these blockchains are prominent ecosystems in the cryptocurrency industry today. 

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Becoming a multi-chain DeFi insurance aggregator is no easy feat. Protecting token investments from the many threats looming around every corner is a very steep task. There are hacks, market crashes, rug pulls, and other yet-to-be-discovered threats to contend with. Decentralized finance users and investors should never have to worry about any of these problems, which is why insurance packages are likely to become a big thing in the broader industry. 

The proprietary aggregation engine provided by Shielded Finance will offer custom insurance packages tailored to investors’ needs. Users will be able to explore offers from multiple providers without leaving the overall Shield Finance ecosystem. For users who aim to de-risk their investments, obtaining the most prominent and accessible form of insurance will prove essential.

Successful Funding And Future Plans

The vision by Shield Finance has attracted the attention of numerous private investors. A total of $780,000 has been raised with the help of Master Ventures, DAO Maker, Spark Digital Capital, and others. The team will also launch a public Initial DEX Offering – IDO – on May 19, 2021, on the PAID Network Ignition Launchpad at 11:00 AM UTC. As a decentralized swapping protocol, Ignition allows for private and publication auction setups by leveraging its native technology and that of the Polkadot ecosystem.

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Shield Finance CEO Denis Gorbachev comments:

“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.”

Looking beyond the private funding and IDO, Shield Finance will work together with various DeFi exchanges, wallets, and farming solutions. Collaboration is the key to success in this competitive industry. This approach makes it easier for users to purchase insurance and provide the cheapest packages on the market altogether. Future iterations of the protocol will introduce extra features, including a web application and more partnerships and integrations. 

Closing Thoughts

There is a lot to look forward to in the DeFi world. Multi-chain support is one of the next major frontiers to be tackled. Rolling out cross-chain support is something many projects aim to tackle. The insurance aspect of Shield Finance can play an essential role in catalyzing this ongoing innovation and exploration in the decentralized finance world. 

As private investors pay close attention to the proceedings in the cryptocurrency space, an exciting future lies ahead for the broader DeFi industry. The next generation of decentralized finance products and services can attract millions of people to cryptocurrency. Solutions such as insurance will help investors de-risk their investments, removing any friction from the equation. 

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