The $10 million policy protects against risk and potential bugs in smart contract code
Currently, Liminal utilizes multi-signature wallet infrastructure, in addition to both hot and cold digital asset storage options, to provide holders safe, secure and convenient access to their funds. Smart contracts serve to connect users to popular blockchains, including Ethereum. Due to smart contract’s susceptibility to hacks and breaches, the smart contract cover offers holders security and peace of mind by offering protection of up to $10 million USD of holdings.
“Risk management is the key to ensure smooth operations of a crypto-native business,” Liminal Founder Mahin Gupta said. “In highly competitive blockchain industries, the smart contract cover will help ensure users’ funds are protected even in the event of a hack.”
Manan Vora, Liminal’s Sr. Vice President of operations and strategy, adds, “We are committed to providing a one-stop solution for both enterprises and individuals to secure their funds. Risks can come from anywhere, including human error. All our services, right from the multi-signature wallets to the new smart contract cover, aim to protect digital assets at every step of the way, including storage and transit.”
The smart contract cover will protect all users on the Liminal platform, and with Nexus Mutual’s decentralised approach to risk management will allow members to join together to distribute risk to ensure supreme level of security.
As a rapidly-growing company, this additional security measure represents a milestone in establishing its permanence. Last month, Liminal announced the successful integration of the Smart Refill Solution, an automated function designed to seamlessly refill digital assets in hot wallets held on the platform and mitigate risk of human error. Thus far, the Smart Refill Solution has saved more than 190 manual hours of work by automating more than $450 million USD in refills on predefined schedules.