Quantstamp Unveils DeFi Protection Program: Safeguarding Against Losses

San Francisco, CA — Quantstamp, a global Web3 security leader, is proud to introduce DeFi Protection, an innovative security solution designed to reimburse users in the unfortunate event of DeFi losses.

Decentralized finance (DeFi) hacks have been a persistent issue and a significant obstacle to mainstream adoption. As reported by Forbes, hackers have exploited DeFi protocols nearly 500 times, resulting in losses exceeding $6 billion since 2019. These incidents have taken a toll on DeFi users.

Quantstamp’s newly launched DeFi Protection service is poised to offer DeFi enthusiasts peace of mind while safeguarding their assets.

DeFi Protection is a comprehensive security product that not only assesses the safety of smart contracts and notifies users of potential threats but also provides round-the-clock support from security auditors. Most importantly, the service includes a guarantee program that promises to reimburse DeFi Protection users for any losses attributable to gaps in Quantstamp’s security services.
To enroll in the program, users can simply choose the protocols they wish to protect, specify the protection duration and maximum reimbursement amount, and make their payment in USDC.
At the launch, DeFi Protection will cover protocols such as Aave, Compound, Curve, Lido, and Uniswap, with plans to expand to additional protocols in the near future. This initiative is made possible through a partnership with Chainproof, a regulated primary insurance provider for smart contract and slashing risks, and its insurance technology partner, Tint.

Notably, the guarantee program operates under the regulation of the North Carolina Department of Insurance, making it the first program that is legally available to United States residents. Users will need to undergo KYC/AML verification via Quadrata, a web3-native solution, to confirm their U.S. residency before subscribing.

Sebastian Banescu, Head of Insurance for Quantstamp, emphasized, “While smart contract audits provide a vital layer of security, they are just one aspect of the equation. Additional measures are necessary to ensure the safety of user funds. This is precisely why we developed DeFi Protection – to assist users in recovering their losses.”

In addition to its core business of smart contract auditing, Quantstamp remains committed to exploring innovative methods to enhance the security of blockchain companies and their users.

For further details about DeFi Protection, please visit DeFi Protection.

About Quantstamp

Quantstamp is a global leader in blockchain security, dedicated to securing the future of web3. Established in 2017, the team has accumulated vast expertise through numerous audits and collaborations with some of the industry’s top projects, including Maker, Compound, Polygon, Arbitrum, Sandbox, and many others.

To date, Quantstamp has conducted over 700 audits and safeguarded digital assets exceeding $200 billion from cyber threats. In addition to offering a wide array of security services, Quantstamp supports the growth and sustainability of the web3 ecosystem through strategic investments and advisory roles.

To learn more, visit our website at Quantstamp.com or follow us on Twitter @Quantstamp.

Sourced from cryptonews.net.

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