Evertas has acquired Bitsure, according to a company statement.
Evertas is a digital asset insurance provider. Bitsure provides insurance for crypto miners. Both companies clame to be the first of their kind in the Insurtech sector. Evertas reports that today, Bitsure policies insure about 6% of the Bitcoin mining network.
Details on the transaction were not disclosed.
Evertas CEO and co-founder J. Gdanski, said that Bitsure is a great company fulfilling an unmet need.
“Bitsure quickly grew to the point where they needed help scaling—not just from an insurance capacity perspective but also from a team and resources perspective. These are all things Evertas has to offer,” said Gdanski. “In joining forces, Evertas benefits from the addition of key personnel and their deep understanding of mining, mining risks, and the broader Web3 ecosystem.”
Gdanski said his company has the ability to write crypto mining policies up to $200 million per location.
Bitsure co-founder Thomas Shewchuck will join Evertas as head of underwriting. Bitsure’s regulatory compliance manager and lead underwriter, Sarah Leon, will reprise the same role at Evertas.