AXA XL, a division of French insurance giant AXA, and insurtech firm Assurely have rolled out a new insurance product for equity crowdfunding and security token offerings (STOs) industry.

Known as CrowdProtector, the new offering protects issuers and investors engaged in online capital formation strategies, including equity crowdfunding and STOs.

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The offering safeguards issuers against investor complaints and lawsuits and also informs investors that their investment will be returned in case an issuer misuses funds, purposefully misrepresent information, or steal the money.

Assurely CEO David Carpentier said: “New economic markets, such as crowdfunding or online capital formation, create great new opportunities for the Main Street investor, but also pose new risks.

“To combat new risks in new markets, investors look for a symbol of safety, validity, and trust. Online capital formation and crowdfunding – both equity and STOs – lack this symbol today.

“This marketplace needs trust, safety, and confidence among both issuers and investors to thrive; something that regulations and funding portals alone may not completely satisfy.”

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AXA XL global professional lines chief underwriting officer Dan Kumpf said: “This solution demonstrates the value of insurance in helping opportunities move forward. New crowdfunding practices are proliferating today. Without proper coverage, millions are at risk. Our work with Assurely is a great example of innovation in the industry.

“Collaboration between incumbents and innovative InsurTech startups such as Assurely, will yield a positive result for the industry and advance it as a whole.”

Crowdfunding platforms such as CryptoLaunch, Fundanna, Nvsted, Silicon Prairie, and TruCrowd have already signed on to the new platform.