Those crypto and NFT millionaires on Instagram are annoying aren’t they? But if you want to join the #WealthSquad party, then you may want to insurer some of that hard earned cash you are investing in cartoons of chimps smoking Havana cigars. Here’s some news on just such insurance cover;
For many potential investors, the risks involved with DeFi, or decentralized finance, outweigh the remarkable opportunities made possible by cryptocurrency. Shield Coin is here to tip that balance with rock-solid investor protection. Starting on April 30, 2022, the Shield Coin line of NFTs will provide blanket insurance of up to $1,000 USD for original investments in any crypto holding conducted on Binance or other blockchains.
Any wallet holding a Shield Coin NFT is eligible to activate an insurance policy that protects investors against exit scams and other potentially devastating events. Each SHC transaction of $10 USD or more activates the policy for 30 days. The Shield Coin NFT itself sells for just $280 USD, making it a cost-efficient way to ensure that no crypto investor is ever forced to start over from ground zero.
Shield Coin builds on the success of Cryptosurance, the first initiative to protect investors’ holdings and support the development of a safe, fair cryptocurrency marketplace on Binance and elsewhere. Shield Coin CEO and Founder Yushuwa Nettles says that building insurance coverage into an NFT was a logical next step for his company.
“As the DeFi space matures, governments around the world are beginning to take an interest in regulation that makes it safer and more transparent for everyone,” notes Mr. Nettles, a former US Marine and diplomat. “The extent to which crypto markets regulate themselves will have much to do with the amount of external pressure applied to them. Shield Coin is the latest step toward demonstrating that DeFi is a properly self-regulating sphere, and that crypto investors have access to safeguards and protections developed entirely on the blockchain.”
Indeed, Mr. Nettles foresees a time when more traditional certificates of investment such as titles and property deeds are represented and insured on the blockchain. Shield Coin’s wallet protection NFT is just the first step in that direction.