#73: Jeremiah Smith from OpenCover on DeFi Insurance

Since 2017, over $8billion has been lost on-chain due to smart contract hacks, infrastructure issues and rugpulls. The figure becomes even larger when you count phishing attacks and scam coins. Yet today the vast majority of on-chain transactions and protocol positions aren’t protected… for example if you look at DeFi current TVL which is around $80billion, there is only about $100m which is covered or insured against protocol risk. One company that is on a mission to make DeFi safe and accessible is OpenCover. Since 2022, OpenCover has protected thousands of businesses and individuals against on-chain transaction and protocol risks. On Episode 73, I spoke with its Co-Founder & CEO, Jeremiah Smith, who provided us a short masterclass into DeFi cover and Insurance, and how finance & accounting professionals at web3 startups & DAOs can mitigate their on-chain risks. Download the State of DeFi Insurance Report ✅ OUR RESOURCES ✨Become a confident Web3 Accountant with our weekly free newsletter: https://www.theaccountantquits.com/newsletter 🙌 Join the next cohort of the Crypto Accounting Academy and learn how to manage a business using crypto https://www.theaccountantquits.com/crypto-accounting-academy ✊ Follow The Accountant Quits on Socials 👉 LinkedIN: linkedin.com/company/the-accountant-quits 👉 Twitter(X): https://x.com/accountantquits 👉 YouTube: https://www.youtube.com/@theaccountantquits 🎙️ Follow Episode Guest Linkedin: https://www.linkedin.com/in/itsjeremiahs/ X : https://x.com/itsJeremiahS Topics Covered: (0:00) TAQ Intro (1:08) Episode Intro (3:05) Jeremiah’s background (5:00) 3 main onchain risks (8:15) Financial impact of onchain risks (10:03) Best practices for keys management (11:30) Protecting against transaction & post-transaction risk (14:08) How to mitigate protocol risk (16:45) Thanks to our sponsor Harris & Trotter (18:49) Insurance for tokenized T-Bills (20:52) How to choose DeFi Cover (26:10) When should CFOs consider DeFi insurance (28:35) Overview of OpenCover (32:56) Thanks to our sponsor Web3 Finance Club (34:38) Is OpenCover an underwriter (37:42) Pricing (38:54) The future of AI & DeFi Insurance (41:45) OpenCover partnership (44:28) Challenges for adoption (46:11) Closing Thoughts (47:14) Jeremiah's Pablo Picasso Maxim (48:44) Reach out to Jeremiah