PolkaCover, a project that aims to provide crypto-friendly insurance, has launched its dApp beta allowing cryptocurrency users to compare multiple types of insurance products in one place. PolkaCover will provide coverage for risks such as exchange hacks and bankruptcies, wallet hacks, storage damage, phishing attacks, stop loss in volatile market drops, project bankruptcy, abandoned and fraudulent ICOs. The team plans to build global crypto insurance products to protect over 50 cryptocurrencies. The platform will provide several tokenized incentives, making it up to 40% cheaper than any traditional insurance channel. PolkaCover has made partnerships with Band Protocol and Umbrella Network for building its oracle and partnered with regulated insurance broker 971 Insurance to distribute policies to crypto users globally.
PolkaCover: The Next Big Thing in Crypto Insurance
Cryptocurrency has revolutionized the financial industry. Digital currencies have disrupted conventional banking systems, and decentralized finance (DeFi) is taking the world by storm. However, there’s one crucial problem with DeFi – there’s no insurance against hacks, flash market crashes or bankruptcies, leaving investors at risk of losing their investments. But a new project, PolkaCover, is here to change that.
What is PolkaCover?
Founded in late 2019, PolkaCover aims to create a world-leading crypto-friendly insurance purchase and policy issuance marketplace. It is a one-stop-shop for all personal and crypto insurance needs, offering protection for over 50 cryptocurrencies with coverage that includes exchange hack and bankruptcy, wallet hack, storage damage, phishing attacks, project bankruptcy, and abandoned and fraudulent ICOs. PolkaCover is not just limited to crypto insurance; it also offers health, life, education, and family insurance.
What are the Tokenomics of PolkaCover?
PolkaCover’s token is known as CVR. It has several use-cases, such as policy purchase, policy discounts, cross-border policy issuance, claims payout, referral fees, product reviews, survey forms, fast claims incentive, data sharing, P2P policy issuance/claims, and manual policy quotes. Token incentives are provided to insurance providers for quick TAT (turn-around-time) responses.
Who are the Leaders of PolkaCover?
Kunal Sadani leads the PolkaCover team. He has over 25 years of experience in the Middle East and has worked with several leading insurtech start-ups and multinational organizations such as AIG, Allianz, and PolicyBazaar. Anthony Thomas is the co-founder and CIO of PolkaCover, who has successfully created several regional backend system platforms, including leading insurance associations worldwide. The team is working with multinational insurance companies to provide crypto-insurance products.
What are PolkaCover’s Partnerships?
PolkaCover has partnered with Band Protocol and Umbrella Network for building its oracle on the backend for both protocols. For insurance, PolkaCover is partnered with 971 Insurance, and UnoRe is a reinsurance protocol for underwriting crypto-insurance products which are regulated by real-world insurance authorities. PolkaCover has pledged to provide protection to Phantasma, LABS Group and Orion Protocol against NFTs’ impermanent loss and exchange hacks for traders on their platform. Hacken, a world-class crypto audit firm, also audited PolkaCover’s smart contract code with a 100% success rate. To provide access for crypto users to use fiat currencies, they partnered with fiat on and on-ramp, Transak.
What are the Roadmap and Future plans of PolkaCover?
In Q3 2021, PolkaCover will release its marketplace alpha version, start doing crypto-insurance partner onboarding, and launch on the Binance Smart Chain, as well as Kusama and Polkadot later on. In 2022, PolkaCover’s P2P platform beta and governance platform launch are planned.
PolkaCover is a project that addresses the critical gap in DeFi- crypto-insurance. With a team of experienced leaders, partnerships with leading protocols and insurance providers, and a roadmap with exciting milestones, PolkaCover is a project to keep an eye on. As with any investment, it is crucial to do your research, but PolkaCover could be a great gem to add to your portfolio.