Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.
Fordefi, a cryptocurrency wallet built for decentralized finance , is working with German insurance giant Munich Re, the companies said in
Facilitated by Kansas City-headquartered insurance broker Lockton, Fordefi’s wallet policy covers cyberattacks and things like internal fraud or collusion, as opposed to protection at the smart contract level. The dollar amount of the coverage was not disclosed, but as well as the general level of cover for Fordefi’s wallet – which uses clever key sharing capabilities known as multi-party computation – customers can top up with more cover from Munich Re on an individual basis.But Fordefi CEO Josh Schwartz said the new product had naturally led to deeper explorations into the DeFi arena for Munich Re, with more to come in due course.
“The policy covers external cyber threats and attacks that would compromise the platform, as well as internal fraud or employee collusion,” Schwartz said in an interview. “ is not involved at the smart contract level, but is getting involved with the most active players in DeFi, starting with a framework that they are comfortable with, i.e. the security of the private keys and the wallet components.
When it comes to smart contract risks, the blockchain lead at Lockton’s Emerging Asset Protection Sarah Downey said the insurance industry is moving in the right direction. In terms of what’s out there in the market,has offered cover to DeFi users for technical failure of the code, and there’s the popular decentralized capital pool approach created byin a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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