Quantstamp's New DeFi Protection Program Pays Users in the Event of a Hack

SAN FRANCISCO, Oct. 19, 2023 /PRNewswire/ -- Quantstamp, a global leader in web3 security, is pleased to announce DeFi Protection, a new security product that will reimburse users for their DeFi losses.

Hacks in decentralized finance (DeFi) are a serious and recurring problem and one of the primary barriers to mainstream adoption. According to Forbes, hackers have exploited DeFi protocols nearly 500 times for over $6 billion since 2019. These hacks have been devastating to users. Quantstamp's new DeFi Protection service aims to give DeFi users peace of mind while protecting their funds.

DeFi Protection is a security product that checks the safety of smart contracts, alerts users to any threats, and provides 24/7 support from security auditors. Critically, the product also features a guarantee program that will reimburse DeFi Protection customers for any losses due to a gap in Quantstamp's security services.

To sign up for the service, users simply select which protocols they wish to protect, the protection duration, and the maximum reimbursement amount before paying in USDC. Aave, Compound, Curve, Lido, and Uniswap will be available at launch, with more protocols to be added in the near future. The program is powered with support from Chainproof, a regulated primary insurance carrier for smart contract and slashing risks, and Tint, its insurance technology partner.

The guarantee program is regulated by the North Carolina Department of Insurance, making it the first program to legally serve United States residents. Users will be required to undergo a KYC/AML check through Quadrata, a web3-native solution, to prove U.S. residency before purchase.

"Smart contract audits provide an important layer of security, but it's only one part of the stack. Additional measures need to be put in place to ensure the safety of user funds," said Sebastian Banescu, Head of Insurance at Quantstamp. "This is why we developed DeFi Protection to help users recover from their losses." 

In addition to Quantstamp's primary business of smart contract auditing, the leading web3 security company continues to explore new ways to keep blockchain companies and their users safe.

To learn more about DeFi Protection, visit https://defiprotection.com/

About Quantstamp
Quantstamp is a global leader in blockchain security, on a mission to secure the future of web3. Founded in 2017, the team has honed their expertise through hundreds of audits and worked with some of the top projects in the industry including Maker, Compound, Polygon, Arbitrum, Sandbox, and many more. To date, Quantstamp has performed 700+ audits and secured over $200 billion in digital asset risk from hackers. In addition to providing an array of security services, Quantstamp facilitates the growth and longevity of the web3 space through strategic investments and acting as a trusted advisor to help projects scale. To learn more head to our website Quantstamp.com or follow us on Twitter @Quantstamp

SOURCE Quantstamp