OpenCover
OpenCover is a DeFi cover aggregator that distributes onchain insurance from 8+ vetted underwriters across 100+ protocols on seven blockchain networks, serving both individual DeFi users via a self-serve DApp and institutional clients via embedded vault-native risk transfer products.
- Company typePrivate
- Founded2021
- HeadquartersLondon, United Kingdom
- Headcount1–10
- GTM typeB2B and B2C
- OfferingSoftware
What OpenCover does
OpenCover, operating legally as Gelt Finance Inc., is a DeFi cover aggregator founded in 2021 and headquartered in San Francisco with a London office. The platform distributes onchain insurance products from 8+ vetted underwriters—including Nexus Mutual, InsurAce, Unslashed Finance, Sherlock, Chainproof, Ease, InsureDAO, and UnoRe—across 100+ protocols on seven blockchain networks (Ethereum, Polygon, Arbitrum, Arbitrum, Optimism, BNB Smart Chain, Astar, Avalanche). OpenCover tracks 96.7% of DeFi cover activity by public TVL, positioning the platform as the principal comparison and distribution layer for decentralized insurance, and has facilitated over $1 billion in onchain value covered in 2025 alone. The core product suite comprises Portfolio Cover (a self-serve DApp for individual DeFi users with premiums starting at $2/week for $5,000 of coverage), Institutional Services for bespoke enterprise protection, and Covered Vaults—a vault-native risk transfer primitive launched in April 2026 in partnership with Nexus Mutual that embeds insurance directly inside protocol vaults.
The platform operates on a two-track go-to-market: a product-led, self-serve DApp for retail DeFi users, and an enterprise field-sales motion for protocols, DAOs, and treasury managers seeking embedded risk transfer. Revenue is generated via arrangement fees on cover purchases, collected from the smart contract upon proof of cover delivery (an ERC-721 NFT), with potential premium spreads on subscriptions priced weekly or annually. Customers include individual DeFi users protecting against smart contract exploits, stablecoin depegs, and governance attacks, as well as institutional clients such as Optimism Foundation, Picnic, SuperForm, and Cap. OpenCover raised a $4.6 million seed round in September 2023 led by Base Ecosystem Fund with Coinbase Ventures participation, and is a participant in Lloyd's Lab, signaling intent to bridge onchain cover with the traditional Lloyd's of London insurance market. The company operates with 1–10 employees, anchored by founders Jeremiah Smith PhD (CEO) and Yury Oparin (CTO).
OpenCover firmographics
Firmographics- Name
- OpenCover
- Legal name
- Gelt Finance Inc.
- Website
- https://opencover.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- OpenCover is a DeFi cover aggregator that distributes onchain insurance from 8+ vetted underwriters across 100+ protocols on seven blockchain networks, serving both individual DeFi users via a self-serve DApp and institutional clients via embedded vault-native risk transfer products.
- Ownership category
- akta.pro rank
OpenCover industry classification
Industry- Product category
- DeFi Insurance / Onchain Cover
- NAICS
- Insurance Carriers and Related Activities (524)
- SIC
- Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Decentralized Insurance / Coverage Protocols (FSADAMAI)
- akta.pro secondary industries
- DeFi Insurance & Protection Markets (covers, mutuals, slashing/peg protection) (FSAPAEAK), Borrowing/Lending Risk & Credit Infrastructure (on-chain credit scoring, risk engines, insurance wrappers) (FSAPAEAI)
Keywords
Where OpenCover is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices2 records
Markets served
OpenCover business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- Cover Arrangement Fees: OpenCover acts as a non-exclusive agent to facilitate the purchase of cover from Cover Providers. The company earns a fee shown on the quote screen before purchase, collected from the smart contract upon proof of cover delivery. The fee is deducted from the Cover Fee locked in the OpenCover cover purchase smart contract.
- Premium Spread: OpenCover works with leading underwriters to provide coverage, potentially earning a spread on the premiums collected from cover purchasers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Pay-as-you-go | Weekly cover starting at $2 for $5,000 coverage |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
OpenCover product offering
Product offeringCore offering
OpenCover is a DeFi cover aggregator and risk transfer platform that lets users compare and purchase onchain insurance from multiple vetted underwriters (Nexus Mutual, InsurAce, Unslashed, Sherlock, Chainproof, Ease, InsureDAO, UnoRe). It offers Portfolio Cover for individual DeFi users via a self-serve DApp, Institutional Services for bespoke enterprise protection, and Covered Vaults, the first primitive for vault-native risk transfer developed with Nexus Mutual.
Product overview
OpenCover is a software platform that aggregates DeFi cover products from multiple vetted underwriters. The platform operates as a cover aggregator, offering Portfolio Cover for individual users and Institutional Services for enterprise clients. The core products include the Ethereum Layer 2 Cover Aggregator supporting 100+ protocols and the Covered Vaults primitive for vault-native risk transfer developed in partnership with Nexus Mutual. Users can purchase cover against smart contract hacks, stablecoin depegs, and governance attacks with premiums starting at $2 per week for $5,000 of coverage. The platform is built on multiple blockchain networks including Base, Optimism, Arbitrum, Polygon, and Ethereum.
Differentiator
Problem solved
Functional benefit
Brands
- Covered Vaults: The first primitive for vault-native risk transfer in DeFi, enabling risk transfer directly within vaults through real-time onchain transparency and premium streaming.
Products and services
- Portfolio Cover Self-serve cover product for individual DeFi users to compare and purchase discretionary portfolio protection against smart contract exploits, stablecoin depegs, oracle manipulation, and governance attacks from vetted onchain underwriters via the OpenCover DApp, with premiums starting at $2 per week for $5,000 of coverage.
- Institutional Services Bespoke enterprise onchain safety offering for institutions, protocols, DAOs, treasury managers and neobanks, providing institutional-grade risk transfer solutions, treasury protection, and embedded risk transfer integrated into existing products and processes.
- Covered Vaults The first primitive for vault-native risk transfer in DeFi, built in partnership with Nexus Mutual, enabling risk transfer directly within vaults through real-time onchain transparency and premium streaming. Integrates into partner products such as Optimism Foundation (treasury), Picnic (Caixinha savings product), Cap, and SuperForm (Base USDC SuperVault).
- Ethereum Layer 2 Cover Aggregator Core aggregation platform built on Ethereum Layer 2 infrastructure, supporting Base, Optimism, Arbitrum, Polygon and Ethereum, aggregating cover from vetted underwriters across 100+ protocols and protocol combinations on 7 chains (Ethereum, Polygon, Arbitrum, Optimism, BNB Smart Chain, Astar, Avalanche).
Quantifiable outcome
- Over $1B in onchain value covered in 2025 alone
- +3 more outcomes
Companies that use OpenCover
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles2 records
OpenCover technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
OpenCover partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered flagship and core.
- Nexus MutualflagshipCovered Vaults developed in partnership with Nexus Mutual. This is OpenCover's flagship product launch - the first primitive for vault-native risk transfer in DeFi. Nexus Mutual provides the underlying underwriting while OpenCover provides the platform and distribution.
- AlchemycoreInfrastructure provider used by OpenCover. Badge indicates 'Alchemy Supercharged' suggesting deep technical integration for blockchain infrastructure.
- Cover Providers NetworkcoreOpenCover aggregates cover from vetted providers including Nexus Mutual, InsurAce, Unslashed Finance, Sherlock, Chainproof, Ease, InsureDAO, and UnoRe. These providers supply the actual cover products that OpenCover distributes.
Scale indicators7 records
Recent moves5 records
Expansion highlights5 records
OpenCover competitors and assessment
Company assessmentDirect peers
- Chainproof: DeFi cover provider focused on smart-contract failure and stablecoin depeg protection. Listed as an OpenCover provider and a peer for end-user cover distribution.
- Nexus Mutual: Largest DeFi-native cover protocol and OpenCover's flagship underwriting partner. Both sell smart-contract and protocol cover to similar DeFi users, compete for the same pool of cover demand, and increasingly co-develop products like Covered Vaults.
- InsurAce: Multi-chain DeFi insurance protocol offering portfolio cover against smart-contract, stablecoin, and custodian risks. Listed on OpenCover's aggregator but competes directly for end-user cover purchases.
- Unslashed Finance: DeFi insurance protocol providing cover across smart-contract, stablecoin, and oracle failure risks. One of the providers aggregated by OpenCover and a direct competitor for the same cover buyers.
- Sherlock: Smart-contract audit and cover protocol that sells onchain coverage informed by its audit work. Aggregated by OpenCover and competes for protocol-level risk transfer mandates.
- Ease (Ease.org): DeFi insurance protocol covering smart-contract exploits and stablecoin depeg events. Aggregated by OpenCover and competes for similar user demand across multiple chains.
- InsureDAO: Decentralized insurance protocol offering cover for smart-contract, stablecoin, and bridge risks. Aggregated by OpenCover and competes for the same DeFi cover market.
- UnoRe: DeFi insurance and reinsurance protocol covering smart-contract hacks, exchange risk, and stablecoin depegs. Listed by OpenCover and competing for similar cover demand.
Emerging players
- Neptune Mutual (Cage): DeFi cover protocol using parametric cover pools for smart-contract and stablecoin risk. Not currently on OpenCover's aggregator but addresses the same buyers with an alternative architecture.
Broad incumbents
- Lloyd's of London: The world's leading specialty insurance market. OpenCover participated in Lloyd's Lab, indicating strategic alignment; Lloyd's represents the traditional insurance incumbent that could either partner with or disintermediate crypto-native cover providers at scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
OpenCover social profiles
Digital presenceOpenCover financial estimates
Financial estimateRevenue estimate
Valuation estimate
OpenCover leadership team
Management profileNumber of profiles
Profiles3 records
OpenCover funding detail
Funding detailFunding overview
Funding rounds3 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
OpenCover M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about OpenCover
What does OpenCover do?
OpenCover is a DeFi cover aggregator and risk transfer platform that lets users compare and purchase onchain insurance from multiple vetted underwriters (Nexus Mutual, InsurAce, Unslashed, Sherlock, Chainproof, Ease, InsureDAO, UnoRe). It offers Portfolio Cover for individual DeFi users via a self-serve DApp, Institutional Services for bespoke enterprise protection, and Covered Vaults, the first primitive for vault-native risk transfer developed with Nexus Mutual.
Is OpenCover a public or private company?
OpenCover is a private company. It is classified as venture growth investor backed and is currently operating.
When was OpenCover founded?
OpenCover was founded in 2021. It employs 1 to 10 people.
Where is OpenCover based?
OpenCover is headquartered in London, United Kingdom, in the Europe region.
How does OpenCover make money?
Two revenue lines are on record. Cover Arrangement Fees are the primary driver. The others are premium Spread.
Who are OpenCover's main competitors?
Direct peers on record are Chainproof, Nexus Mutual, InsurAce, Unslashed Finance, Sherlock, Ease (Ease.org), InsureDAO and UnoRe. Neptune Mutual (Cage) is listed as an emerging player. Lloyd's of London is listed as a broad incumbent.
Does OpenCover have an API?
No public API is recorded for OpenCover.
What industry is OpenCover in?
OpenCover's product category is DeFi Insurance / Onchain Cover. Its primary akta.pro industry code is FSADAMAI, Decentralized Insurance / Coverage Protocols, with a secondary code of FSAPAEAK, DeFi Insurance & Protection Markets (covers, mutuals, slashing/peg protection). Its NAICS code is 524 and its SIC code is 6411.