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Crypto and DeFi Wallet Firm Fordefi Gets Cover from Insurance Giant Munich Re

Fordefi, a cryptocurrency wallet built for decentralized finance (DeFi), is working with German insurance giant Munich Re, the companies said in a blog post on Thursday. Facilitated by Kansas City-headquartered insurance broker Lockton, Fordefi’s wallet policy covers cyberattacks and things like internal fraud or collusion, as opposed to protection at the smart contract level. DeFi’s fast-moving collection of decentralized, on-chain trading platforms has been described as a “playground for hackers,” making it a tough ask for even the most digital asset-focused insurer. The new product had naturally led to deeper explorations.

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