Raymond Reijnders
Given the numerous attempts by various insurance platforms to gain mass traction, they’ve only ever had small “seasons’’ of speculation-driven adoption.
As a whole, the space appears to be slowly inching upwards instead. Why do you think we have not seen an explosion in adoption yet, as with other sub-classes of DeFi?
Denis Gorbachev
I think it’s the habit — most crypto-traders are accustomed to taking risks, even though they can be mitigated with insurance. It just doesn’t cross the mind that it’s possible to buy insurance & that it doesn’t cost much. However, we have a plan for it.
I believe we can monopolize the insurance market by integrating with exchanges, wallets, farms. This will require a lot of partnerships, but with our investors it’s possible.
The integration will look like a button: “Buy insurance for this token”.
- When a user clicks the button, we will display insurance packages.
- When the user chooses a package, we will execute his purchase.
Our button will be displayed within exchange/wallet/farm interfaces. The user won’t need to leave the interface. The user will see the button when he needs it the most — when he is fearful about his purchase of this token.
Scenario:
- Alice comes to Uniswap, wants to buy a token — but she’s afraid of hacks.
- She clicks “Buy insurance” within the Uniswap interface.
- Her purchase goes through Shield Finance.
- Shield Finance takes a small fee.
If we have this button — “Buy insurance for this token” — right within the exchange UI, it will remind the user about the opportunity.
Rowan Zwiers
Have you been in contact with exchanges, wallets, and farms, and how has openness/interest been in integrating your Shield Finance button with their product?
Denis Gorbachev
We’ve spoken with some exchanges, and they said they would like to see it work on our website first. That makes sense, so we decided to focus on building a web app.
It will come in phases — every partnership requires time to discuss and sign. Of course, the more exchanges we partner with, the easier it will be to partner with new ones.
