OpenCover

OpenCover operates as a decentralized insurance and risk management platform, providing protection for individuals and institutions against a variety of on-chain risks. The company was co-founded in 2021 by Jeremiah Smith and Yury Oparin. Smith, the CEO, holds a PhD from Imperial College London and is a Y Combinator alumnus with over a decade of experience in building both centralized and decentralized technology products. Oparin, the CTO, brings over 15 years of experience in engineering, spanning from startups to enterprise-level companies like UBS, and is responsible for integrating off-chain components with on-chain infrastructure.

The firm addresses the critical issue of on-chain risk, which includes smart contract exploits, governance attacks, scams, and stablecoin de-pegging events. OpenCover collaborates with various underwriters to offer these protections, functioning as an aggregator that makes underwriting capital accessible on different blockchains, including Ethereum Layer 2s, which helps to lower transaction costs for users. The business model involves providing these insurance alternatives, referred to as "cover," to a client base that primarily consists of sophisticated users like DAOs, development teams, hedge funds, and high-net-worth individuals. Revenue is generated from the sale of these cover policies, with premiums starting from as low as $2 per week for $5,000 of coverage.

OpenCover's core service is a platform that allows users to purchase and manage protection for their crypto portfolios across more than 100 protocols. A key feature is the issuance of an ERC-721 token as proof of cover, representing the user's policy on-chain. The company offers several types of protection, including protocol cover against hacks, stablecoin de-peg cover, and yield token cover. Initially focusing on individuals, the company is also developing a B2B version to cater to enterprises. OpenCover has raised a total of $4.6 million in funding from investors including Base Ecosystem Fund, NFX, Jump Crypto, and Coinbase Ventures.

Keywords: onchain risk management, DeFi insurance, crypto portfolio protection, smart contract exploits, decentralized insurance, stablecoin depeg cover, governance attacks, blockchain security, crypto asset protection, Web3 risk mitigation, digital asset insurance, onchain safety, protocol risk, ERC-721, portfolio cover, institutional crypto services, Yury Oparin, Jeremiah Smith, crypto risk aggregator, onchain underwriting