Founder: Sung Feng Wu
Providing assurance to digital assets owners: Avata was founded in 2021, based in Amsterdam, by Sung Feng Wu, a seasoned executive with a long career in Fintech and Joachim Rittfeldt Hofvenschiöld, a former professional gamer and coach, now multi-entrepreneur in gaming-related ventures.
The initial problem the founders identified was that while online gamers’ digital assets were becoming growingly important for their gaming progress, the risk of losing these assets because of theft or technical disruption was increasing – and there was no solution available on the market to cover this risk! This realisation led to the idea of an insurtech solution, specially designed to cover the risk of digital assets losses. Avata’s original idea expanded into an innovative solution that provides a customised insurance offering for every digital asset owner. Today, Avata is an ancillary service provider that brings customised insurance solutions to digital asset owners in a fast, secure, and cost-effective way. Avata fills a critical gap in the insurtech value chain by connecting various insurance companies to digital citizens and vice versa via its platform.
As a recent milestone, Avata partnered with Wert, a pioneer in payment technology applications for the NFT and Web3 space, to launch a warranty solution that covers up to 90% of the value of a digital asset (NFTs) compromised in a smart contract hack. “NFT warranties will provide a sense of security and trust, which will encourage more non-native crypto users to join the Web3 space with minimal risk, making it more appealing to a broader audience.” – Avata & Wert.
Backed by YAS, the pioneer in blockchain insurance, Avata has launched the embedded NFT warranty service worldwide. The warranty service is purchased and issued at the check-out stage of NFT purchases, to cover certain cyber hacks and risks associated with potential exploitation of smart contracts of digital assets. YAS and Avata formed this partnership, as these two insurtech companies share the same vision and goal – to protect the value of digital assets and the web3 economy. Together, they are onboarding merchants, including NIBIRU, Pluck, Bapes, Wert, Authic, and iKonic whose combined NFT transactional value exceeds USD 500M.