As a startup or small business, staying on top of the latest technology trends is crucial for growth and success. SaaS (Software as a Service) tools are essential for startups and small businesses as they provide cost-effective and scalable solutions for various business needs. Startups typically have limited resources and need to be mindful of their spending. SaaS products often have lower up-front costs and subscription-based pricing, which can be more manageable for startups. Additionally, SaaS tools are cloud-based and can be accessed from anywhere, which is helpful for startups that may have employees working remotely or in different locations.
SaaS tools also offer scalability and flexibility, allowing startups to manage their usage as their needs change easily. This is important for startups as they grow and their business needs evolve; SaaS tools can adapt and grow with them.
This blog will cover the top 10 latest SaaS products launched in the market that startups can leverage for their growth.
The first on the list is one of the tops on the product hunt list. Hyperswitch is a payment solution platform that lets you connect with multiple payment processors with a single API and access the entire payment ecosystem. It’s an open-source payment switch that improves payment success rates and reduces payment costs, ops & dev efforts. Hyperswitch supports all primary payment methods and connectors, and its unified payments interface supports more than 135 currencies.
Some of the significant features:
No-Code Integration with more than 100 Processors
Complete control & automation of payments flow
Easy-to-write rules to manage Routing
It lets you manage 200+ payments methods the CRUD way
Traw is the first ever replayable whiteboard communication software built especially for remote teams and collaborations. With Traw, you save and replay everything from meetings, including audio recordings, and it lets you enhance your discussion with visuals.
With traw you can:
Collaborate with team members in various ways.
Use Templates to complete repetitive tasks quickly and easily.
Record your work in real-time and team meetings with visuals.
Pricing
Free version available; Paid starts from $8 per month
YourChamp lets you make a digital business card that shows your cumulative social reach. With YourChamp, you connect all your prominent social media accounts to a single dashboard and show your collective social reach. It also helps you build credibility by inviting fans from all social media networks into one profile. YourChamp is a free tool and requires no payment info to use.
Luru is a productivity tool that lets you update CRM software more quickly. This is the fastest way to access CRM from anywhere on the web, and it brings the CRM to communication & team collaboration platforms like Slack, Zoom, Google Meet, Email or anywhere on the web.
With Luru, you can:
Automate your sales process on Slack
Take notes from inside Zoom and Google Meet
Create meeting playbooks that guide you through the calls.
Update your CRM in seconds
Create action items for yourself and your team quickly
Pricing
The free version is available; Paid version starts at $439 per month.
The fifth one on the list is Bardeen. Bardeen is an automation tool that lets you automate repetitive manual tasks without code right from your browser. With the help of Bardeen, you can perform tons of automation across Sales, Marketing, Product development, data research and many more use cases. Bardeen offers hundreds of pre-built playbooks and audiobooks. They also provide tons of integrations and even let you develop your own. Bardeen is currently available as a chrome extension which you can download from the chrome web store. They have also won awards and were featured on the top products in the Product huntplatform.
Pricing
Free version available; Pro version under development
Racoon is one of the latest email marketing tools that emerged in the market. This email marketing tool is built especially for startups and small businesses. Racoon is powered by Acelle and Amazon SES and is connected to SMTP Service. With this SaaS product, you can send unlimited emails with unlimited campaigns and contacts.
Pricing
The free version is available; Paid version starts from $250 per month.
Yotako is a design tool that lets you automatically publish your Figma and Abode XD designs as WordPress websites and themes without code. With Yotak, you can design different versions of your websites and update WordPress and themes with the plugin. It’s a free tool and comes as separate plugins for Figma and Adobe XD, and they also provide ready-made templates to get started with.
Pricing
The free version is available; Paid version starts from $39 per month.
Hubalz is a web analytics solution that helps businesses reach their marketing goals faster by providing actionable insights that matter to make better decisions. The tool gives you a complete understanding of your customers across devices and platforms and helps improve marketing ROI.
With Hubalz, you can:
Track customer behaviour
Capture visitor sessions
Get a visual representation of your visitor engagement using the heatmap
Define key behaviours of visitors
Detailed analysis of conversion funnel
Make data-driven decisions for your website using instant AI-powered highlights feature
Pricing
Starts from $12 per month
9.) Fuelfinance
Fuelfinance is a cloud-based SaaS product for the financial department for startups. It handles all your finance, including accounting, P&L, CF, Financial projections, Unit economics and Plan/fundamental analysis. Fuelfinance handles all your spreadsheets, graphs and automation for you. They provide powerful dashboards and financial services for SaaS, E-commerce, Construction, and Professional Services.
Gocharlie is an AI tool that can help you with social media, content creation, image & art generation and more. Charlie is a lifesaver for content marketers as it can save a lot of their time by creating blog content and captions for them. This great AI tool has 50+ use cases. Try it for yourself.
With Gocharlie, you can;
Generate original blog content
Create engaging social media Ads and captions
Repurpose content
Turn texts into images and arts
Pricing
The free version is available; Paid version starts at $39 per month.
Bonus
Startups can use Product discovery platforms to discover the latest launched software for different industries and tasks.
1.) Product Hunt
Product Hunt is a platform for discovering new products, typically focused on technology and startup companies. This is a popular destination for product-loving enthusiasts to share and geek out about the latest mobile apps, websites, hardware projects, and tech creations. Users can submit and vote on products, and discussions about the effects occur on the site’s forum.
2.) Indie Hackers
Indie Hackers is a website and community for entrepreneurs who build and run their businesses, typically in technology. It is a platform for people to share their stories, strategies, and insights about starting and growing their own companies. Individuals use Indie Hackers to build and launch their products, and you can browse tons of products and even create your project with Indie Hackers.
Conclusion
SaaS products can be a game changer for startups and small businesses looking to streamline their operations and improve their bottom line. The options are endless, from cloud-based project management tools to financial management software. These tools can help startups save time and money while improving their productivity and efficiency. However, it’s always essential to evaluate the specific needs of your startup and choose the right products to help you achieve your goals and reach new heights.
Startup ecosystems are networks of resources intended to foster innovations through startups. It is designed to aid the growth of startups in earlier periods of growth. Also, these ecosystems provide startups access to mentorship, office space, and investment options, enabling them to connect with other business sectors.
In a startup ecosystem, multiple types of organizations interact as a system to create new startup companies by interacting with people and startups in their various stages.
About Kerala Startup Ecosystem
Kerala Startup Mission is the government’s significant entrepreneurship development and incubation agency. Clearly between 2016 and 2022, the state’s original incipiency ecosystem witnessed a smash in capital flux. Therefore the main reason for this is the state is home to some of the most promising Indian startups. The startups like CareStack, Open( innovated in Kerala), and Survey Sparrow are among those.
The entrepreneurial ecosystem in Kerala
An entrepreneurial ecosystem consists of interdependent actors and relationships that catalyze new venture creation and growth. The Global Startup Ecosystem Report of 2022 named the Kerala Startup Mission (KSUM) Asia’s best performer for promoting talents. As a result of the government mission, 200 startups were successfully funded in 2022 out of 900 eligible innovators. Communities like Silicon Valley, Boston, Tel Aviv, London, Boulder, and Berlin took decades to become robust entrepreneurial ecosystems. However, it is easy for such ecosystems to grow anywhere today. In the modern economy, every community has the opportunity to become a thriving ecosystem.
Kerala Startup Funding
$551 Mn raised by the local startup ecosystem since 2014.
Fintech & SaaS emerged as crucial sectors for startup investmentsA total venture capital infusion of $551 Mn across 110 funding deals with Fintech and SaaS (enterprise tech) startups remaining at the forefront of raising venture capital. Together, these sectors account for 66%, or $364 Mn, of the total investments worth $551 Mn received by Kerala-based startups since 2015.
State of Kerala startup ecosystem 2022
Key Highlights of Kerala Startup Ecosystem
The main highlights of the Kerala Startup Ecosystem are:
More than 30 aspiring entrepreneurs.
Above $551 Mn total venture capital inflow since 2014.
Above 40K employment created by local startups.
Above $101 Mn fund of funds established by the state government.
Above 4K startups
About $2.8Mn innovation grant provided by State government
Number of active incubators in the State-63
The number of IEDCs/mini incubators operating in the state is above 375
Kerala startup ecosystem Asia and global ranking
Kerala Startup Ecosystem Asia and Global Ranking
Kerala’s startup ecosystem has ranked top in Affordable Talent in Global Startup Ecosystem Report (GSER) in Asia in 2022.
Kerala is also ranked 4th in the GSER global ranking, based on the research driven by Startup Genome, the world’s leading policy advisory and research firm.
Startup Enabler Ecosystem in Kerala
Kerala is ahead of other startup hubs in the country regarding the scope of investment and growth for Indian hardware startups, which lapped up nearly one percent of the total capital raised by Indian startups between 2014 and H1 2022.
However, hardware product/service-focused startups in Kerala have raised $15.2 million, or approximately 3%, of the total $551 Mn increase since 2014. This is much higher than the leading startup ecosystems in the country, such as Bengaluru (0.03%), Delhi-NCR (0.92%), and Mumbai (1%).
Investor Backings
Kerala’s startup ecosystem offers plenty of funding opportunities for early-stage startups. Also, KSUM introduced a few schemes, including Innovation Grant and Seed Fund Support, which offers working capital without equity dilution which allows startups and entrepreneurs across the early-stage ecosystem to build and launch their products without requiring private capital. Kerala’s startup ecosystem houses more than 160 Unique investors. Out of the total active investors in Kerala, angels and accelerators, and incubators who come under early-stage investors account for 48%. Early-stage investments indicate the presence of a robust investment inflow that propels the early-stage entrepreneurial ecosystem.
Key Development Indicators
The GSDP (Gross State Domestic Product) is valued at $115 billion.
Highest literacy rate in India at 94%.
92% Literacy Rate Among Women, which is the highest in India.
1st in the procurement of affordable talents by Global Startup Ecosystem Report 2022
30 Million plus Internet Subscribers In Kerala
More than $2k Per Capita Income, which is 56% higher than the National Average.
What is Kerala Startup Mission ( KSUM)?
KSUM, founded in 2006, is the Kerala government’s nodal agency for the state’s entrepreneurship development and incubation activities for the welfare of Kerala’s startup ecosystem.
How KSUM is providing an opportunity in the Startup Ecosystem
Kerala Startup Mission was founded with the goal to create the infrastructure and ecosystem required to support high-end technology-based startup businesses. Now, the organization has been able to build a vibrant startup ecosystem allowing Tech entrepreneurs to pursue their dreams by providing them complete support in the startup life cycle.
Under Kerala Startup Mission:
3,900 startups were registered
6 lakh plus square feet of incubation space were provided
67 incubators & 370 mini incubators provided
Future technologies lab, IOT labs, MIT Super Fab lab to promote digital fabrication, and 22 fablabs including mini fablabs were distributed across different districts.
KSUM has worked hard over the years to strengthen the start-up environment in the state. In the last 5 years, KSM has awarded innovation grants to 550 ideas out of 2000 shortlisted startups.
KSUM disbursed grants worth Rs 6.9 crore to 170 startups in 2021-22.
Rise of Kerala Startup Ecosystem
Over 4k startups were launched in Kerala between 2016 and 2021. 95% of the startups in Kerala were launched in 2016 or afterward.
As one of the most literate states they also have well-interlinked schools & colleges, incubators, government institutions, and startups to build a well-orchestrated startup ecosystem.
Kerala has set an ambitious goal of creating 15k startups over the next five years with the help of various government initiatives. The state is also looking to set up a dedicated venture capital fund for startups. Kerala has also opened a launch pad program for startups from across the world to come to the state and explore the market. Kerala Startup Mission (KSUM) launched Seeding Kerala, an investor summit, showcasing opportunities to invest in startups from Kerala. At the latest Seeding Kerala Summit, investments of $10.6 million were announced. 46 investors participated in the invite-only summit.
Top Growing Sectors
Fintech and SaaS ( Enterprise tech) emerged as the top startup sectors in Kerala, with 66% of the investments being made into the two sectors.
40% of the funded startups in Kerala came from the SaaS sector.
Subsector strengths
Advanced Manufacturing & Robotics
Thanks to its support facilities including a network of 22 fablabs, 20 IoT labs, and MSME Cluster spread across the state, Kerala has become one of the ideal base for advanced manufacturing and robotic companies. The Electronics manufacturing and industrial clusters of the state help startups scale their manufacturing activities.
Artificial Intelligence, Big Data & Analytics
Kerala became the first Indian state to introduce coding into the curriculum from Class I onwards.
Digital University Kerala launched a training program called Capacity Building in Responsible Artificial Intelligence and Data Analytics for the Police Department in 2022.
Agrima Infotech,an enterprise business unit of Deep Tech company incubated by Kerala Startup Mission was acquired by online groceryBigbasket.
Blockchain
Kerala University of Digital Sciences, Innovation and Technology, under the Government of Kerala, started an initiative, Kerala Blockchain Academy to provide Blockchain training, research, and consultancy.
An offshore delivery center is being set up in Kochi by UAE based Blockchain startup Kingspin Technology Services as a part of its expansion.
Top Startups
Entry
Entry is a learning app for jobs in India. In 2017, Mohammed Hisamuddin and Rahul Ramesh founded it. Mainly for job seekers, this delivers learning resources in any local language. This also gives mock/adaptive tests, flashcards, video courses, etc.
They raised about $1.4M from Good Capital, Boston-based edtech accelerators like LearnLaunch and a group of investors. The pandemic impact and the lockout increased their user base to 3M, with 90k paid subscribers.
The success of Entri comes from the realization that online learning concepts become highly effective when done in one’s native language. Entry is undoubtedly one of the most promising and top startups in Kerala.
NavAlt Solar
The energy needed for the transportation of water is quite large. Solar ferries are the main practical answer to this problem but they are costly. To fill the gap between cost and efficiency, NavAlt Solar & Electric Boats built India’s first affordable solar ferrie. It is the world’s most cost-effective one.
Sandith Thandasherry, a naval architect with deep knowledge and experience, is behind this boat manufacturing and solar energy startup industry, NavAlt. At first, they needed something to work for them as per the plans. Constant cash flow, government regulations, and technology problems they faced provided them with learning opportunities.
As a result, the Kerala government has finally introduced solar boats to its waters, and the Maharashtra government has followed suit. Recently the company has emerged as one of the top startups in Kerala.
Genrobotics
Four young engineers, Vimal Govind MK, Arun George, Nikhil NP, and Rashid Bin Abdulla Khan, took their love for science and Iron Man has to lead to a new stage with Genrobotics and Bandicoot. It is about a Manhole monitoring system. They have decided to end the deaths of sewers and clean up utility holes with Bandicoot, a spider-shaped robot created by their startup company Genrobotics.
Bandicoot uses machine language and artificial intelligence to calculate the unclogging required. Thus in 45 minutes, it can finish work that would take 3-4 hours to complete if done manually.
It raised about Rupees 2.5 crore in a pre-Series investment headed by Unicorn Ventures (India). It is now one of the top startups in Kerala.
SurveySparrow
Shihab Muhammed introduced the idea for SurveySparrow, a client experience platform, because he set it up himself, putting off checks. After all, the unimaginative questionnaires failed to engage him. This led to SurveySparrow, a better forum for statements that’s further engaging, with advanced check completion rates of 40.
The platform has an erected- robotization system that allows associations to produce and partake in mobile-first checks through SMS or WhatsApp. Generators can manage client experience checks, hand palpitation checks, and request feedback checks with a Conversational stoner Interface.
SurveySparrow has raised$1.4 million in seed backing from Prime Venture mates and is indeed one of the top startups in Kerala.
Inntot Technologies
Music, prints, and pictures can now stream via a home network. Presently, colorful companies in this sector serve millions of people worldwide.
The retail price of digital media receivers increases as new capabilities are added. The company also provides services in consumer electronics and IoT.
The total Funding Amount is Rs 150 Cr in the first funding & plans to raise Rs 400 Cr in the second round.
CareStack
CareStack is a pall-grounded dental practice operation, patient commerce, and data analytics software. It allows guests to manage all primary operations of their practice through one straightforward platform, with completely integrated modules for scheduling, clinical, billing, patient engagement, and business administration.u6
CareStack is a Florida and Thiruvananthapuram- grounded dental care incipiency. CareStack raised$ 28 million in 2019, and with this fundraiser, it has raised an aggregate of$ 60 million. As percrunchbase.com, the total funded quantum so far is$74.1 Million. The good news is that Carestack has given exit to 12 of its early-stage investors. This demonstrates the progressive growth of the incipInntot comes next in the list of top Kerala startups. It is mainly about cost-effective next-generation digital media receivers by Prashanth Thankappan & Rajith Nair.
EyeROV
With its bitsy, ever-controlled drone, Kochi- grounded incipiency EyeROV makes it to the top startups in Kerala list for offering data-driven reporting and ease of use in marine examinations.
E-commerce or entertainment has nothing to do with marine robotics, which you hear about only sometimes. Besides tackle, EyeROV creates a data analytics and visualization platform. This is to partake every minute of information from aquatic checks by its guest’s possessors of underwater. Through its intuitive platform and AI and machine literacy, EyeROV can make faster and more influential decisions. The total funding Amount of EyeROV is about $70K.
Payback
Payback comes next in the list of Top 10 startups in Kerala. It’s a Fintech establishment that assists businesses in taking better care of their workers by refunding charges simply and accessible online. Workers can make payments using a mobile port and a card handed by the company. Also, all costs are proved and so workers can save plutocrats on levies.
Authors Nicky Jacob, Ricky Jacob, Vivek Vinod
Sastra Robotics
Sastra Robotics is a Robotics company in the top ten list of startups in Kerala by Aronin P, Akhil A, and Achu Wilson.
Dedicated to developing innovative robotic technologies and results, it’s an early-stage robotics organization. The company is in favor of people and robots coinciding. They also seek and admit backing from colorful exploraebtion institutions to further advance their progress. The company was innovated in 2012 . And became one of the top ten startups in the Startup Village incubation center in 2012.
Mykare
Making healthcare more straightforward and accessible is what Mykare’s then for Senu Sam and his two mates, Rahmatulla and Joash, revolutionized healthcare assiduity and innovated Mykare in the early epidemic period of 2020. Mykare provides easy and accessible results for surgical care for cases by allowing them to admit an end-end frame, starting from planning the surgery and consulting the right croakers to ordering drugs and booking lab tests or reviews for checks. With a fast-growing network of 10 metropolises so soon, Mykare Health is turning out to be one of the top startups in Kerala with a vision.
Zappyhire
Zappyhire is a reclamation platform that relies fully on artificial intelligence. This reclamation mate allows you to speed up your processes through reclamation robotization and data intelligence. Innovated by Deepu Xavier and Jyothis KS in 2018, Zappyhire has relatively fleetly taken over gift accession problems! With features ranging from an aspirant tracking system, a capsule parser, AI assessments and a recruiting chatbot, Zappyhire takes retaining to the coming position. They entered a total backing quantum of$494.3 K in their last seed backing round in 2021. With a beginner customer base of further than 4000, Zappyhire is another well-known incipiency in Kerala!
Promoting Women entrepreneurs
Focus on Women in Startup Ecosystem
Only 11% of startups in Kerala have a female founder. KSUM will run activities in emerging technology at the school & college levels to create a pool of girls with skill sets that can leverage by existing and upcoming startups. They will also provide awareness in entrepreneurship at a lower level.
Also, specialized incubators & sector-based accelerators will be built with inclusive women’s space to support women founders/ entrepreneurs.
More participation of women as speakers will ensure in the events of the ecosystem. This will even out the diversity and create role models to motivate.
Technology commercialization support (Up to INR 10 Lakh)
Soft Loan Against Purchase Order (Up to INR 15 Lakh)
Upcoming Programmes By Kerala
Innovators Premiers League
KSUM has set up an initiative, Innovators Premier League 2.0 with the mission to bring out the
best talents from the Kerala Innovation Hubs. Innovators Premier League 2.0 aims to bring awareness and sensitization of IEDC & its activities among students, build a competitive & entrepreneurial mindset among innovators, and create a pipeline of startups.
Rink Technology Conclave
The technology conclave aims to bring together Research innovations in the rink platform under a common roof to exhibit their products. It creates a platform for researchers to network with startups, technocrats, mentors, corporates, industries, government officials and investors.
Moreover, this will give an opportunity for them to understand more about cutting-edge research products developed in the country’s premier research institutions.
Huddle Global
Huddle Global is one of the most coveted events in Tech Startup Ecosystem in India and offers a platform for start-ups to showcase their products and interact with Tech and industry leaders, on ways to move ahead in the ever-growing tech world.
Organized by the Kerala Startup Mission (KSUM), the event features keynote sessions, leadership talks, tech talks, start-up demo, and other business-oriented activities.
Seeding Kerala
Seeding Kerala is a unique annual event that brings together the HNI network of Kerala and investors around India to showcase opportunities to invest in the best startups from the state and other parts of India. The event has been organized by Kerala Startup Mission (KSUM) since 2016.
Seeding Kerala is designed with the intent of:
Seeding investors in the Kerala startup ecosystem
Seeding a startup investment culture among the HNIs in the state.
To educate and empower potential investors and HNIs from the state to create an Angel Investor Community in the State.
Crypto insurance secures the losses associated with cyber security breaches. Most cryptocurrency transactions contribute at least some Insurance to secure digital assets against losses from security breaches and theft. In short, Cryptocurrency insurance covers investors and exchanges against funds lost due to theft to a limited extent.
Why Does Crypto Need Insurance?
It’s a fact that crypto agencies can’t handle all the risk by themselves, and they need to transfer some of it to an insurance provider who provides them assurance. Insurance is vital for cryptocurrency companies as they require all the assistance to protect their digital assets.
A report detailing cryptocurrency insurance states that about $1.3 billion was stolen from exchanges since the first Bitcoin block was mined back in 2009. As per the report an average of $2.7 million of assets was stolen daily in the year 2018. And so, Insurance is highly essential in reducing the risk for those who wish to hold digital assets.
There is endless potential for the transaction of vast amounts of Cryptocurrency immediately, as misappropriation is incredibly easy. Concerning money, one has to steal it, and there are limitations on how much cash one can withdraw. Besides that, it is possible to trace money too.
Considering Crypto, a potential thief must drudge into a crypto buyer’s critical details and digitally transfer the amount they wish straight into their anonymous account.
Regarding the best crypto insurance provider , you must figure that out for yourself. Check the company that offers a range of insurance protection and products.
How Does It Work?
Usually, investors who own conventional securities, such as bonds or stocks, will always have insurance backing from either the government or private insurance agencies. However, crypto investors do not automatically have those same protections.
That’s where crypto insurance provides cryptocurrency owners with protection for their investments.
There is a rise in demand for this type of Insurance, especially while considering events like burglary. However, the main problem for insurers is the approval process when solid risk judgements become problematic due to a shortage of cohesive restrictions within crypto-insurance management. Some advanced and recent startups are more proactive in this area, but the remaining still need to be.
So, if the industry is still developing and unstable, the need for the safeguards of Cryptocurrency is highly essential.
Which type of Businesses requires Cryptocurrency Insurance?
A business needs insurance to protect its assets and financial interests from unpredicted events that could jeopardize its future, and crypto companies are no different. Here are some examples of blockchain and crypto companies :
If your crypto business belongs to any of these categories or another blockchain-related area, consider looking for the right coverages for your company.
The Risks that Cryptocurrency Companies Face
The nature of Cryptocurrency shows that main risks these companies face are related to the online platform. As a digital currency, Cryptocurrency does not have a physical form, and all transactions, investments, and payments occur online.
That’s why the most risk for crypto companies is the risk of a cyberattack. Cybercriminals target crypto companies because Cryptocurrency is extremely hard to trace once they start transactions around. Even if a company has highly robust cybersecurity measures, hackers are continually searching for improved ways to attack, and their activities are becoming highly sophisticated.
Social Engineering
It is a common way for hackers to get into your network. They pose as a genuine and trustworthy source and may trick any of your employees by giving them free entry to their accounts or the internal system. Social engineering attacks are a small threat to online safety, and the only way to block them is to educate employees to recognize them. Once hackers access your systems, nothing stops them from stealing your coins. It may take days to find out the breach and the damages caused by them.
Hackers may also decide to take access to your data hostage. It is possible for them to take your credentials or confidential information of clients and request ransom payment in Cryptocurrency to release the data back to you.
Omissions
If you are providing services related business or are in the service-providing business, you risk making a professional mistake or omission. For example, if you request your client to invest coins in the wrong fund and, in return, lose money, you can expect them to sue you for bad advice.Indeed, these risks are not particular to only cryptocurrency business, but their risk profile is unique because of their sole nature.
Many insurers are ready to take some risk from crypto companies recently and provide them with adequate cryptocurrency insurance policies.
Why Does Crypto Insurance matter?
Well, for beginners, no matter how much cryptocurrency inventors have been avoiding regulation, governments and regulatory authorities will make an impact at a particular point. How this insurance works relies entirely on individual organizations prepared to take on underwriting and Insurance of the existing digital assets. Some crypto insurance companies are building the crypto economy – a more fair, accessible, efficient, and transparent financial system enabled by Crypto.
And they’re not taking this lightly! They have about 73 million verified users and 10,000 institutions, and 185,000 ecosystem partners operating or living in over 100 countries. Moreover, they have approximately $255 billion in assets on their platform.
The form of legal tender used to acquire the digital asset becomes part of the risk portfolio that insurers will assess when deciding whether to underwrite and take on an insurance policy. So ultimately, insurers will be looking for greater regulatory clarity in the coming years before extending coverage further for more competitive pricing points. They will have to get there relatively quickly too.
Digital assets are hardly a new phenomenon, and if we’re going to include Crypto under that umbrella term. Then insurers and bankers will have to get in on the action if they want to participate in a market that will only grow and become even more lucrative.
What Crypto Insurance Doesn’t Cover?
This is highly dependent on the insurer, but usually, the policy will only cover direct hardware loss and damage and the exchange of Cryptocurrency to a third party. Additionally, it won’t protect against disruption or failure of the blockchain underlying the asset.
Crypto Insurance Financing
It should remember that the сryptocurrency transactions consist mainly of startup businesses, and it’s simply not big enough to support revenue for the insurance industry yet. The fascinating fact about the safe storage of these coins is that while some users are held in hot storage — i.e., in locations provided by the internet, many other users are disconnected from the repository from the internet. And therefore, no one can ascertain their insurance status.
Can we purchase cryptocurrency insurance for ourselves?
It’s true, although it’s more complex than answering with one word. Due to the relative immaturity of cryptocurrency market, most crypto assets still need to insure.
There is a greater likelihood that exchanges that trade cryptocurrencies will hold the most significant section of the cryptocurrency insurance market than individual traders. You must check directly with that platform to determine whether you are covered as a crypto purchaser when selling on a particular platform.
But what about private crypto insurance for individuals? While some companies are evolving to offer private crypto-insurance, their levels and extent differ immensely.
Better to start small. Build your portfolio skillfully and patiently using credible exchange. Also don’t be sucked into “too good to be true” promotional deposits that promise huge profits.
FAQ
Can I insure my Cryptocurrency?
You can have insurance protection through the crypto exchange you use to buy and hold your crypto assets. But one should note that not all deals offer insurance coverage, and the type of insurance policy also varies from one exchange to the other.
Does Insurance cover crypto theft?
An indemnity is provided for losses incurred as a result of cryptocurrency theft. If your hot wallets were hacked, a crime insurance policy would reimburse you for the loss of digital assets. Theft and fraud are common in the digital field, and so the area of the cryptocurrency industry is not spared.
Is it possible to recover stolen Crypto?
Yes, A crypto assets recovery service can help you recover your crypto assets. The recovery of crypto assets is indeed possible. However, it can be problematic in the absence of correct information. So you need to know every detail to recover your lost/stolen crypto assets.
Next: Interested in the economics of cryptocurrencies and blockchain? Check out our blog on Tokenomics .
