Evertas, a specialised insurance provider for cryptocurrencies, has recently made the announcement that it will be acquiring Bitsure, a provider of insurance for cryptocurrency mining companies. Bitsure was established in 2021, and it issued its first mining policy in June of 2022. As of right now, Bitsure is responsible for insuring approximately 6% of the Bitcoin mining network.
J. Gdanski, CEO and co-founder of Evertas, made the following statement in response to the transaction: “Bitsure is the product of smart and eager entrepreneurs who built a great company fulfilling an important yet mostly unmet need.” As a direct consequence of this, Bitsure saw rapid expansion, reaching a point where they need assistance scaling not only from the point of view of their insurance capacity, but also from the point of view of their team and resources.
All of these things are part of what Evertas has to offer. Evertas will benefit from the inclusion of key individuals, as well as their in-depth knowledge of mining, mining risks, and the broader Web3 ecosystem, as a result of the companies’ decision to join forces.
Evertas has the right to issue crypto mining policies up to $200 million per site, which is several times higher than any other insurance provider, and 20 times more capacity than Bitsure had access to in the past, according to Gdanski, who added that Evertas possesses this authority.
As part of the agreement, Thomas Shewchuck, who helped develop Bitsure, will be joining Evertas as the company’s head of underwriting. It was disclosed in a press release distributed by Globenewswire that he began his professional career in 2011 as a wholesale insurance broker and that he and his business partners started mining cryptocurrencies in 2019.
“Not long after launching Bitsure, we collaborated with Evertas on various underwriting projects, and it was immediately evident that together, there was great synergy in the way that we worked. “As soon as I had that realisation, I began talking to Shewchuck about the possibility of combining our businesses,” Shewchuck remarked. “The combination of Bitsure’s extensive industry knowledge and the unmatched insurance capacity to which Evertas has access is a game-changer for crypto mining operations of all sizes,”
Sarah Leon, formerly the regulatory compliance specialist and chief underwriter at Bitsure, will continue to serve in similar capacity at Evertas.
“The Bitsure team recognised a massive insurance void in a sector that was thriving but poorly understood, and they decided to design a solution. Raymond Zenkich, the co-founder and current president of Evertas, described it as a story that is highly relatable because it describes the beginning of Evertas as well. “Only a few people have the kind of specialised insurance and crypto mining knowledge that we saw in abundance at Bitsure, and we are fortunate to have them joining our team,” said the CEO of Bitsure. “We saw an abundance of it at Bitsure.”
