# NAMI INSURANCE OVERVIEW

### The growing demand for insurance in the digital asset market

Insurance has become an integral part of modern life, offering protection against various risks. The financial market, particularly attractive for its high potential returns, is also fraught with risks due to fluctuations influenced by both micro and macroeconomic factors. 

In traditional finance, insurance companies have provided products to protect individuals from risks such as accidents, natural disasters, or property loss. However, with the rapid growth of cryptocurrencies and digital assets, the demand for insurance for these new asset classes has also surged.

The market has witnessed several significant events:

* The Mt. Gox hack of 2014: Approximately 850,000 Bitcoin (worth $473 million at the time) was stolen, leading to the exchange's bankruptcy.
* The DAO hack on Ethereum in 2016: Around 3.6 million Ether ($70 million) was drained from the decentralized autonomous organization (DAO) due to a security vulnerability, resulting in the Ethereum hard fork.
* The collapse of Terra USD and LUNA in 2022: The stablecoin Terra USD lost its peg, causing its value to plummet, forcing founder Do Kwon to sell approximately 80,000 Bitcoin worth $2.8 billion to try to salvage the situation.
* The collapse of FTX in 2022: An estimated $8 billion of user funds was lost after the exchange declared bankruptcy, sending shockwaves through the entire cryptocurrency market.

These significant events in the digital asset market have underscored the growing importance of insurance in this field, aimed at protecting users and ensuring the stability of the digital financial ecosystem.

### Introducing Nami Insurance - A comprehensive insurance solution

Recognizing the urgent need for users to manage risk, Mr. Giap Van Dai, CEO of Nami Foundation, with over 10 years of experience in the cryptocurrency industry, conceived the idea of an insurance product called Nami Insurance. After a challenging development process, a tool that turns trading risks into profits has been launched, demonstrating the team's relentless commitment to research and innovation.

Nami Insurance is a blockchain-based insurance protocol that provides protection for users' assets when the market moves contrary to their predictions. With Nami Insurance, users can freely choose the type of asset and receive a recommended premium to open a policy; currently, over 153 assets are listed in the supported insurance list.

Nami Insurance offers a comprehensive solution for managing risk in cryptocurrency investments. Users can automatically adjust their coverage level based on factors such as market volatility, personal risk appetite, and investment goals. This helps users minimize potential losses. With its high degree of flexibility and customization, Nami Insurance has ushered in a new era of cryptocurrency risk management, providing peace of mind and security for investors.

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