InsurAce, the Singapore-based insurance protocol, raised $3M in a token-based funding round led by Alameda Research and HashKey Capital.
Investors from the project’s $1M seed round, DeFiance Capital, ParaFi Capital, Hashed and Signum Capital, also participated. The round was completed with institutional investors, including, IOSG Ventures, ImToken Ventures, LongHash Ventures, HashGlobal, Tembusu Partners, Factorial Ventures, and angel investors Maple Leaf Capital, Wang Qiao and Kerman Kohli.
InsurAce is gearing up to launch its testnet as the need for security in DeFi only strengthens. After over $150M was lost in DeFi hacks in 2020, there have been at least three hacks in the space in less than three months so far this year.
The funds will be mainly used for talent recruitment, enhancements to technology platforms, PR, marketing and community building, founder Oliver Xie said in an email.
After this private sale, the team is now planning to distribute its token in a public sale.
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