Solace.Fi
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Solace.Fi

Solace Valued at $30M During Seed Round

Solace, a cryptocurrency insurance protocol that insures users against smart contract risk, raised $1.14 million which converted at a $30 million dollar valuation. The round was led by Parataxis Capital and joined by:

Alongside these funds, several individual investors joined the seed round, including:

What is Solace?

Solace is a decentralized cryptocurrency insurance protocol that offers users Portfolio Coverage, the first and only smart contract insurance product that gives investors a personalized policy for their address to insure positions for over 220 DeFi DApps across four EVM chains. The coverage is dynamically priced, even as you change positions daily.

The Future of Solace

Solace intends to expand its coverage options in the next two months by launching Solace Native, a solution to natively protect entire DApps. Solace will invite up to 10 DApp teams for the first cohort of Native. In the scenario where a protocol with Native is hacked, they get a payout up to their coverage limit. This gives DApp teams peace of mind, while also giving users a sense of security knowing their funds can be recovered during a hack.

Solace is committed to the security of the greater crypto ecosystem infrastructure, especially bridges between networks. Since the latest, high-profile Wormhole hack, bridge security is now top of mind for many stakeholders in crypto and DeFi. Solace understands this and expects to cover bridges as the Native product moves to it’s future cohorts.

Native coverage for protocols and bridges is just the start for Solace‘s roadmap. Things to expect from Solace in 2022 are:

  • Stablecoin de-peg coverage (hacks causing de-peg events)
  • NFT coverage (hacks on stolen NFTs)
  • Custodian Risk coverage (hacks or halts on funds)

About Solace

Solace is a decentralized crypto insurance protocol designed to cover DeFi users from hacks and exploits. Born as a DAO, Solace’s mission is to forge innovation into intuitive protection tools for crypto explorers. With Wallet Coverage, Solace is the only crypto protection protocol that offers simple, intelligent and transparent protection tools for people who want to explore crypto without compromising safety.

Solace is also deeply thankful for the support and stewardship of our advisors:

Unlisted

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0xnimz

0xnimz

Head of Growth @ Solace | USC Grad Student | writing ✍️ | musician 🎸