Shield Finance, a multi-chain DeFi insurance aggregator, announced the completion of their private fundraising round that collected $780,000 for its investors.
The Funding round saw numerous investors, including Spark Digital Capital, GD10.Ventures Master, Ventures / PAID Network, DAO Maker, Zokyo, NGC Ventures, Titan Ventures, and others.
While sharing his optimism about the upcoming platform, Denis Gorbachev, CEO of Shield Finance, explained:
“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.”
Shield Finance is a DeFi insurance aggregator deployed across the Polkadot, Binance Smart Chain, Ethereum, and Solana blockchain. It will allow users to buy protection against primary market crashes caused by ‘black swan’ eves such as hacks, rug pulls, exploits, and sell-offs.
Since the introduction of DeFi, investors have faced numerous challenges that have led to lost funds in millions. Shield Finance comes in as a safety net for users in the DeFi market. It uses an aggregation engine to reduce slippage and expand coverage. The project provides custom insurance packages for investor needs.
The future of decentralized finance will reportedly heavily rely on integrating multiple blockchains. Investors will be looking for solutions that go beyond one blockchain is the next paradigm. Shield Finance’s goal is to ensure that DeFi insurance purchasing is easy and simple to purchase and offer the cheapest DeFi insurance packages on the market. The project hopes to dominate the cryptocurrency market by forming partnerships with DeFi exchanges, farms, and wallets. Future iterations of the protocol will introduce extra features, including a web application and more partnerships and integrations.
Notably, the development of the Shield Finance platform will be completed after the launch of the public IDO on the Ignition Launchpad. As a decentralized swapping protocol, Ignition allows for private and publication auction setups by leveraging its native technology and the Polkadot ecosystem. The IDO is set to take place on May 19, 2021, on PAID Network’s Ignition Launchpad at 11:00 AM UTC. Following the IDO, Shield Finance native token $HLD token will be used in “the buy & burn program, which directs 50% of the fees towards purchasing the token on the open market & burning it, removing it from circulation forever.”