Amuleta new decentralized finance (DeFi) insurance protocol for ecosystems based on the Rust language, has successfully raised $6 million in its first round of funding.
The round was led by gumi Cryptos Capital and joined by Republic Capital, Solana Ventures, DeFiance Capital, Animoca Brands, United Overseas Bank, Signum Capital, Mirana Ventures, NGC Ventures, LongHash Ventures, SevenX Ventures, CMT Digital, Matrixport Ventures , a41 Ventures, Solar Eco Fund, Daedalus, Cobo Wallet and Re7 Capital, and a few ecosystem partners like Serum and Acala networks.
Amulet is built with a simple and reliable insurance vision for everyone in Web3. The solution will be the first built on the Solana Network and was backed by Solana Ventures, which is also an investor in the project.
Amulet uses Solana’s proof-of-stake network to deliver stable returns and provide assurance services with its unique protocol-controlled underwriting and future-yield claims mechanism, which minimizes risk for subscription capital providers .
In 2021, there were over $10 billion lost due to various hacks and frauds in the crypto space, including $2.6 billion in exploits on DeFi protocols, according to an Immunefi report. A lack of sustainable design and coverage gaps have led to persistent undervaluation of insurance in the DeFi space, and as a result, very little of that lost money has been recovered. It’s also a worldwide concern for the Metaverse, GameFi, and the wider Web3 space.
The market needs better insurance solutions, and until the launch of Amulet, this was not available to DeFi investors. Amulet will be the first Rust-based DeFi insurance protocol, initially deployed on the Solana network, designed to meet this strong market demand.
Amulet will adopt a multi-chain strategy and roll it out to other non-Ethereum VM-based ecosystems along the way.
“Lately, we have seen some epic hacks in cross-chain bridges,” said Miko Matsumura, managing partner at gumi Cryptos Capital. “We appreciate the new design of protocol-controlled underwriting and believe this mechanism will become a standard way to mitigate some of the substantial risks of DeFi.”
Amulet is led by Rupert Barksfield, a serial entrepreneur who has been in crypto since 2016 and has over 15 years of experience in the tech industry.
Barksfield said, “I am extremely excited to lead the launch of Amulet. We’ve built an amazing team and aim to create a vibrant community driving Web3 adoption while protecting [user] risk. There’s a huge TVL – over $35 billion – for Rust-based ecosystems, and it’s a market we can not only enter, but lead the way to protect more users from potential hacks, fraud and other risks. After thoroughly analyzing future projections, the next five years are going to be extremely important for our own growth, and that’s why we had to act today to announce Amulet, [which] is built, with openness, scalability and sustainability at the forefront of our minds.
Amulet wants to be the first protocol to offer GameFi asset and non-fungible token (NFT) insurance, metaverse life and property insurance, and other protections for the growing world of Web3.
To learn more about Amulet, visit Amulet.org.
About the amulet
Amulet is the new Rust-based insurance protocol from MTR Labs, the team behind InsurAce.io. InsurAce.io and Amulet will operate as separate businesses under the guidance and direction of MTR Labs.
Amulet’s goal is to protect users from emerging technologies in the crypto space, including GameFi, Metaverse, and NFTs, while providing competitive and comprehensive insurance coverage for DeFi users.
With over 15 years of experience in the technology industry spanning DeFI, fintech, and medical and advertising technology, Barksfield has a broad understanding of multiple verticals.
He is the project manager of Amulet, the first Rust-based insurance protocol. Its mission is to lead Amulet to become synonymous with protection in crypto and the one stop shop for all crypto users worldwide to protect their investments and assets.
He has been in crypto since 2016 and is a proud member of the Cointelegraph Innovation Circle. For any other questions or inquiries, contact Rob Spitz, Amulet’s PR and Communications Manager, at email@example.com.
This is a paid press release. Cointelegraph does not endorse and is not responsible for the content, accuracy, quality, advertising, products or other elements of this page. Readers should do their own research before taking any action related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.