AMA Recap with Unilend
In case you missed it, we had the privilege of joining UniLend for an intriguing AMA session recently, where we discussed all things CoverCompared and the exciting things we have in store for our communities. Here is a brief on all that was discussed:
Could you please begin by introducing yourself and your project, CoverCompared?
My name is Kunal Sadani and I am the CEO of CoverCompared. To give a bit of background on myself, I have been based in Dubai (UAE) for over 15+ years. Most of my experience has been developing, building & managing large-scale B2C insurance products & markets with multinational insurance companies (AIG & Allianz). I have worked in senior leadership roles building products & partnerships in the Middle East & Africa Region. In my last position, I headed the Retail Insurance vertical for Policybazaar (an insurtech valued at over $1billion with VC partners like SoftBank & Tencent).
We started CoverCompared around a little late into 2019 and our goal was to provide a one-stop-solution insurance marketplace where users can purchase traditional as well as crypto asset-based insurance policies.
CoverCompared is the only platform where you can purchase a combination of insurance policies in exchange for your cryptocurrencies & we take pride in being able to offer policies at a rate much lower than any other platform.
What are some of the services that CoverCompared offers?
We primarily offer both traditional as well as crypto-based insurance policies at incredibly affordable rates. We also have our own native token $CVR, which you can use to purchase insurance policies on our platform & attain a 25% discount.
We take pride in being the first-ever DeFi multichain insurance aggregator and we aim to further decentralize the insurance industry to allow access to a larger audience.
As thrilled as we are with this integration, could you elaborate on how it would benefit our users?
We are super elated to be joining hands with UniLend as well
Our goals seem aligned with regard to security for digital assets.
This collaboration brings forward some amazing utilities for our users. UniLend users can now insure their custodial wallets through Wallet Hack Covers offered on our insurance marketplace.
The cover will protect users against hacks or other compromising situations on a centralized exchange that could put the wallets of users holding their native token in danger. Additionally, UniLend will also provide its flash loans to CoverCompared users on our platform.
Recently you launched your testnet & bugbounty programme, could you let us know more about that?
Yes, we are super excited in regard to our ongoing testnet &bugbounty programme. Users can whitelist via the below form to signup for our testnet and the whitelisted users will get the chance to participate in our bugbounty programme as well.
Once whitelisted, users can check out our testnet dApp, where they will find the link to our bugbounty telegram channel. The testnet dApp link as below
On our bugbounty programme, users can report bugs and stand a chance to win rewards up to 100K USD worth of $CVR.
This is to ensure that our dApp is launched effortlessly and provides maximum utility to our users.
We are extremely overwhelmed with the support our community has shown us and can’t wait to meet more testers.
How would you say CoverCompared stands out from the remaining insurance providers?
We identify ourselves as insurance aggregators rather than insurance providers. CoverCompared is the only platform where users will have the option to pick and choose from a plethora of insurance policies, both traditional & for your crypto assets, customized according to our user’s needs.
We are extremely proud to declare that our platform offers features never-before-seen, such as purchasing insurance policies for cryptocurrencies and at prices that are much lower when compared to other platforms.
Our uniqueness is bolstered further by our native cryptocurrency $CVR which can be used at the time of purchase to attain further discounts on insurance policies.
After this insightful session, we further moved on to questions round from our community.
Q1. Could you mention how useful the CVR token is today? Right now where can I buy it?
As mentioned, we are bolstered by our token $CVR and you will have a lot of extra utilities when using $CVR. You will be able to purchase insurance policies on our platform at a discount of 25% using $CVR. With our dApp to be launched soon, we are confident that $CVR is going to be soaring high.
You can grab your $CVR now as we are listed on the following exchanges:
Orion protocol: https://trade.orionprotocol.io/pools/CVR-USDT
MEXC exchange: https://www.mexc.com/exchange/CVR_USDT
Q2. Partnerships and cooperation are important for project improvement and development. Can you tell us about your current partners? Will this partnership benefit CVR and its users?
We also firmly believe that progress is measured by the alliances you build along the way and we are very proud of the roaster of partners we have onboard at CoverCompared.
We have crypto-based insurance providers such as Nexus Mutual, Insurace and also traditional partners such as Protect4Less, MedicalSecondOpinion to provide health as well as device protection insurance.
We have recently integrated with Biconomy as well, to enable gasless transactions for our users so as to alleviate the stress of gas fees.
Our partnership with Unilend also has brought into fruition great benefits for both our communities in regard to insuring their custodial wallets through Wallet Hack Covers offered on our insurance marketplace.
Q3. What are the advantages of crypto insurance from CoverCompared to UniLend Finance and what do you most like from UniLend Finance?
UniLend users can also purchase insurance policies on the CoverCompared platform and crypto assets remain very volatile for which insurance seems very imperative in the current times.
As we both aim for security for our digital assets, our alliance with UniLend seemed more intact.
We loved the fact that UniLend also prioritizes safety when engaging in digital asset-based services as well as provides a decentralized platform so as to open up entry to the public.
Q4. Does your project support staking program? If yes, how does your staking system work? what is the requirement for users if they want to stake in your platform?
We currently have a staking programme that is ongoing, in partnership with Ferrum Network. Our users can stake their $CVR in any 3 pools that are currently active with different APY’s.
I would suggest hurrying up as our staking programme will be closed by 30th of December. You can read all about our staking programme plus how to stake as well in the below link.
Here is where you can stake your $CVR
We are very glad to have joined hands with a partner that has aligned goals as us in regard to decentralizing the finance industry while prioritizing on user safety and cannot wait to surprise our audience with all the wonderful things currently in the pipeline.
CoverCompared is the First DeFi insurance marketplace for the global crypto ecosystem. We aim to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products bought using a host of cryptocurrencies.
Our platform will be connecting users with multinational insurance providers for all global insurance products such as crypto-related protection, health, life, and travel policies. The platform will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.
UniLend is a permission-less DeFi protocol that combines spot trading services and lending/borrowing functionality within the same platform. We are opening this functionality to new and innovative DeFi technologies.
UniLend’s mission is to create new opportunities within the DeFi space by welcoming the rest of the ERC20 token ecosystem and beyond to the DeFi world, hence their motto “unlocking the true potential of decentralized finance.”