Web3 insurance protocol InsurAce plans to launch a cryptocurrency deposit insurance scheme (CDIS) similar to the FDIC

ChainCatcher news, Web3 insurance protocol InsurAce founder Oliver tweeted that after the UST and FTX collapse events, the InsurAce team is currently collaborating with relevant industry organizations and regulatory bodies to begin exploring the establishment of a Crypto Deposit Insurance Scheme (CDIS). CDIS is similar to the insurance infrastructure of the Federal Deposit Insurance Corporation (FDIC) in the traditional financial industry. When financial institutions go bankrupt, this insurance scheme will intervene to provide compensation coverage for small and medium-sized users.

Oliver stated that CDIS, as an infrastructure for industry risk management, will greatly stabilize the market, rebuild confidence, and protect user value. In the long term, this will also promote the healthy and orderly development of the digital currency industry. Previous report, InsurAce had completed approximately $12 million in insurance payouts to users who insured against UST de-pegging in August of this year. (Source link)