Figment and Unslashed launch best-in-class on-chain staking insurance protection

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We are thrilled to announce our new partnership with a leading DeFi insurance provider Unslashed Finance to provide our clients with the best in class on-chain protection. Having robust insurance coverage is paramount to protect our institutional clients against common risks associated with staking, like downtime and slashing penalties.

Slashing penalties are ways to reinforce PoS networks security, and at Figment, we mitigate these risks by securing our enterprise-grade staking infrastructure with Tier 3 data center and multi-cloud redundancy across three continents. We also rely on top-performing validators and an optimized node configuration to ensure network efficiency and reliability.  However, there is a non-zero risk of these events occurring, which is why we sought out on-chain coverage through Unslashed.

The lack of systematic protection against common DeFi threats has forced crypto investors to personally absorb risk of loss, which in turn, has limited institutional involvement in the space. Together with Unslashed, we are shifting the paradigm, enabling more secure and reliable crypto investments that will ultimately drive and foster engagement in the Web3 ecosystem.

Most staking providers’ coverage policies are currently limited to their own balance sheets and traditional off-chain insurances that don’t adequately protect against on-chain risks. Thanks to Unslashed, we can now integrate, in addition to these two coverages, a layer of on-chain insurance that will help mitigate slashing risks. Figment’s on-chain policy for ETH is live, with Polkadot, Cardano and Terra to follow.

“Figment goes above and beyond for the financial security of its clients, reducing slashing risk from staking and increasing coverage will allow us to continue scaling our staking infrastructure support across the Proof of Stake ecosystem. We believe decentralized insurance is the future and the best way to protect our clients. Figment is proud to be a first mover in this direction.” Lorien Gabel, CEO at Figment.

"This partnership is an important milestone for Unslashed. Decentralised Insurance is essential for the industry and one key area of growth comes from working with institutional players such as Figment. Together we could offer the most secure Enterprise-grade staking infrastructure in the market." Marouane Hajji, CEO at Unslashed Finance. 

If you are interested in staking with Figment and learning more about our commercial slashing risk insurance, you can find more details on our website.

     

ABOUT FIGMENT

Figment has leveraged 30+ years of real-world experience operating critical internet infrastructure to build an advanced blockchain infrastructure. We are trusted by more than 150 institutions, including venture capital firms, asset managers, protocol foundations, family offices, and large-scale cryptocurrency platforms. Our success is measured by generating stable returns on digital assets and by fueling innovation and growth across the Proof of Stake ecosystem. This includes being actively involved in the governance and community of the protocols we support and the longevity of Web 3.  For more information, please visit https://www.figment.io


ABOUT UNSLASHED

Unslashed is a decentralized insurance protocol covering all common risks for crypto assets. Unslashed enables almost instant liquidity to insurance buyers and risk underwriters, ensures constant collateralization and guarantees transparency through an unbiased claims process. By tokenizing coverage and using "money streaming," it allows maximum flexibility and freedom: the insured pay as they go and can instantly stop the policy to offload it at any time. Unslashed has already sold more than $1.23 billion (308K ETH) worth of notional value across different protocols and policies. Unslashed is insurance without the bureaucracy. For more information, please visit https://www.unslashed.finance 


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