Insurance can play a big and prominent role in the Decentralized Finance (DeFi) business industry. Most investors are accustomed to insurance having grown up with fiat currency-based financial concepts. Whether provided by the FDIC (Federal Deposit Insurance Corporation) or a private supplier, insurance is an important part of the financial industry.
Decentralized Finance (DeFi) insurance can help provide a similar sense of safety and security and win widespread support by covering the gaps created by conventional insurance players.
Insurance for Crypto Wallets
As crypto wallet thefts became rampant, businesses have started rolling out solutions meant to minimize those risks, in the form of decentralized insurance packages. According to recent research, most clients think wallets must be insured, and the new development of giving crypto wallet insurance by operators to DeFi platform users is ensuring huge chunks, an honest expression of actualized decentralized finance in protecting a digital asset class.