We are proud to announce the launch of our latest report, "Furthering Digital Assets 2024: Pioneering Insurance Solutions for the Web3 Era." The report is a comprehensive analysis of the rapidly evolving digital asset insurance market and delves into how Further Ventures is transforming traditional underwriting to meet the demands of the digital asset revolution.

Our report outlines the growing institutional demand for tailored insurance products for the Web3 ecosystem, highlighting the urgent need for coverage as the industry matures.

As institutional investors, crypto exchanges, and custodians increasingly seek advanced insurance solutions, the report reveals that less than 3% of digital assets are insured. 

The digital asset industry faces critical coverage gaps due to high premiums and a lack of understanding of the unique risks associated with storage, transmission, and distribution. Major market disruptions, such as the collapses of FTX and 3AC, have further compounded insurers' reluctance to provide coverage, resulting in significant market challenges.

Despite this progress, traditional insurance companies face significant barriers to entering the Web3 space, including high regulatory capital requirements, governance challenges, and a lack of specialized talent. 

We created this report together with Soter Insure, a recently launched venture by Further Ventures, which aims to pioneer digital asset insurance. Through strategic partnerships with leading custodians and technology providers, and by offering crypto-denominated policies, Soter Insure is uniquely positioned to provide the much-needed insurance solutions for the digital asset ecosystem.

"The digital asset industry is evolving at a rapid pace, but the insurance solutions available have not kept up with the risks and complexities involved," said Henson Orser, CEO of Soter Insure. "At Soter Insure, we are committed to closing this insurance gap by developing policies that cater specifically to the needs of the Web3 ecosystem. We believe that we can provide the robust coverage that institutional investors, exchanges, and custodians desperately need to safeguard their assets in this new digital frontier."

The report emphasizes that with the support of a progressive regulatory environment, growing institutional interest, and the development of specialized insurance products, the digital assets insurance market is poised for significant growth.

“At Further Ventures we are happy to continue our efforts to create high-quality reports following our popular last year’s series of materials around the UAE financial landscape,” said Mohamed Hamdy, Managing Partner of Further Ventures. “Anticipating the opening of another business season, we are presenting our view on Web3 insurance market and perspectives in collaboration with Soter Insure. Our report underscores the immense opportunity for insurers ready to innovate and adapt to the unique demands of the digital assets economy.”

"Furthering Digital Assets 2024: Pioneering Insurance Solutions for the Web3 Era" report is available at this link.