CORRECTION FROM SOURCE: SYS Labs Takes Lead Role in Uno Re DAO
Corrections have been made to more precisely reflect SYS Labs entrance as the majority stakeholder and core contributor of the DAO guiding the evolution of the Uno Re Insurance protocol
DUBAI, UAE / ACCESSWIRE / February 6, 2024 / SYS Labs, a venture studio dedicated to delivering value to the blockchain industry and a key proponent in expanding the Syscoin & Rollux ecosystems, proudly announces the strategic acquisition of Uno Re, a prominent player in decentralized finance (DeFi) insurance coverage. This acquisition marks a significant milestone in enhancing security and interoperability by diffusing the benefits of Syscoin and Uno Re ecosystems, and helping each grow to attract new clients outside their own ecosystems.
Jagdeep Sidhu, CEO of SYS Labs, commented, "Acquiring a majority stake in UNO RE DAO is a pivotal moment for SYS Labs. This move not only strengthens our commitment to secure, scalable, and interoperable blockchain solutions but also brings Uno Re's expertise in DeFi insurance into our fold. This strategic step fortifies our Layer 2 offerings, ensuring unparalleled security for our users."
Uno Re has carved its niche in DeFi insurance, with a suite of coverage options exceeding $15 million in on-chain policies. Integrating Uno Re's expertise into SYS Labs' ecosystem will provide top-tier security solutions, boosting the insurance capacity including significant funds from partner DeFi projects and substantial physical policies.This move is expected to significantly enhance the insurance capacity of the ecosystem, including the >$100 million from partner DeFi projects and over $10 million from physical policies through our legal cell in Bermuda.
This non-cash acquisition event is facilitated by the SYS Labs team replacing the core team and primary contributors to the Uno Re DAO (decentralized autonomous organization), which governs the development of the protocol. This emphasizes SYS Labs' dedication to strengthening the security framework within its ecosystem, and will leverage their industry experience and relationships to expand Uno Re's offerings onto additional layers and blockchains, creating new capital channels. The integration of Uno Re's coverage products with SYS Labs' blockchain solutions will create a robust, secure environment for DeFi participants, and bolster the greater SYS Labs ecosystem by adding capacity for security
audits and insurance within its diverse range of products and services, including Rollux, SuperDapp, Camada, and Pachira.
SYS Labs and Uno Re are broadening their reach with this strategic move, enhancing security, building trust, and driving innovation. We invite the crypto community to experience the growth and opportunities that this new chapter unlocks.
About SYS Labs
SYS Labs is the crucible where cutting-edge technology and financial revolution converge, building the fundamental layers of true Web3, and connecting users, dApps, and assets to create seamless flows between ecosystems. SYS Labs is a venture builder that creates the infrastructure, dapps, and tools necessary to meet the needs and desires of a global population, all backed by Bitcoin's security and enhanced by Syscoin's finality and groundbreaking L1 data availability solution, Bitcoin DA.
Website | X | Syscoin | Rollux
About Syscoin
Celebrating its tenth year at the forefront of blockchain innovation, Syscoin has been a pioneer in harnessing Bitcoin's proven security for scalable blockchain solutions. With the development of Rollux, an OPStack EVM Layer 2 solution, and the Bitcoin Data Availability protocol (formerly PoDA), Syscoin stands as a testament to blockchain's evolution. Syscoin's modular design philosophy emphasizes specialized security, performance, and cost efficiency to provide the most robust result with the fewest number of trade-offs. Syscoin's decade of innovation has now culminated in the integration of zkDA-the master key to unlocking Bitcoin's ultimate potential by sharing its unmatched Proof-of-Work security and data availability solution with any rollup on any chain.
Website | Discord | Telegram | News | Github | YouTube | Facebook | X | Instagram
About Uno Re
Uno Re is building a fully secure decentralized insurance ecosystem to serve institutional and individual Web3 participants. The protocol's insurance platform has sold over $15 million in coverage across various crypto protocols, with risk underwritten for over eighty-five different protocols and six stablecoins on our B2C Insurance Sales dApp - The Cover Portal.
Website | X | Telegram | Instagram | Github | Discord | Medium | Docs
Read more about the SYS Labs & Uno Re deal by visiting the blog on Rollux.com.
Media Contact:
Dylan Stewart
Email - Dylan@syscoin.org
PR - info@cryptoshib.com
SOURCE: SYS Labs
View the original press release on accesswire.com
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