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DeFi Insurance Provider — Cover and Ruler, Shut Down - Financial Markets Worldwide

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8c3937d6a805c13b705e3d5d49b26e19Cryptocurrency32 minutes ago (Sep 06, 2021 04:00AM ET)

DeFi Insurance Provider — Cover and Ruler, Shut Down

  • DeFi insurance provider Cover and Ruler shut down after its dev team left.
  • RULER and COVER price fell down after the news.

Yesterday, Decentralized finance (DeFi) insurance provider Cover, together with its smaller lending sibling Ruler, shut down after its development team abandoned their projects.

RULER and COVER, according to CoinMarketCap, both declined in price after the news. Consequently, RULER dropped from $10.68 to $1.11. Likewise, COVER dropped from $268 to $220.

According to its official statement, the decision to shut down was not easy. The stated,

It is with conflicted emotions that I announce the end of RULER & COVER Protocol. The decision to do this did not come easy and is a final decision the remaining team made after reviewing the path for…

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