Breach, an insurtech start-up focused on the cryptocurrency market, has obtained approval from the Bermuda Monetary Authority (BMA) to launch a new class IIGB insurer. The company’s mission is to create a safer crypto ecosystem through innovative insurance products and increased insurance capacity. This recent announcement marks a significant milestone in Breach’s efforts to build a healthier ecosystem for all stakeholders.

With the new carrier, Breach will be able to underwrite emerging crypto risks as a primary insurer, with a specific focus on developing customized insurance products for crypto native technologies. The company’s expanded offering aims to address the underwriting and actuarial gap for bespoke insurance solutions. Through Breach’s proprietary insurtech platform, partners can easily embed regulated insurance into their technology using simple APIs, reducing the implementation time significantly.

The IIGB license obtained by Breach is a special innovation class license designed for underwriting crypto risks. As a full-stack carrier, Breach now has regulatory authority to operate natively in both crypto and fiat, enabling policies, payments, and claims to be denominated in crypto. This capability is unique and essential for the crypto space, as it allows risks to be underwritten in the same asset.

In addition to launching the new Bermuda insurance carrier, Breach has raised a fresh round of funding led by RW3 and LightShed Ventures. Other participants include Raptor, Foundation Capital, Road Capital, Republic Capital, and Alumni Ventures. The capital raised will support the company’s global expansion as an insurer and the growth of its licensed MGA in the US. Breach is also enhancing its proprietary insurtech platform in preparation for upcoming commercial-grade products.

Investors like Joe Bruzzesi, General Partner at RW3, and Jamie Seltzer, General Partner/Co-Founder at LightShed Ventures, recognize the growing demand for insurance in the crypto industry. They believe that Breach has the necessary experience and innovative approach to address the industry’s challenges and bring effective coverage to individuals and businesses.

Breach differentiates itself from unregulated decentralized insurance protocols in the crypto space by focusing on developing creative and regulated insurance solutions. The company leverages its deep expertise in both the crypto and insurance industries to provide comprehensive coverage.

Breach’s CEO, Eyhab Aejaz, views the launch of their insurance carrier as a major milestone for the crypto industry. He believes that scalable, regulated insurance has the potential to unlock significant opportunities that the market has been held back from. Tier-one investors joining Breach’s cap table are committed to supporting the company in its mission to bring regulated insurance to the crypto industry.

For more information on Breach and its services, visit the company’s website.