CoverCompared x Biconomy; Integration Update
We are more than elated to announce that Biconomy has been fully integrated onto the CoverCompared platform. Our users can now avoid the hassle of paying gas fees and engage in seamless transactions to purchase insurance policies only at CoverCompared.
What does this mean?
When a transaction is being conducted on the Ethereum network, a significant amount is taxed on users as gas fees. The fees vary depending upon multiple factors such as the price of ETH at the time of the transaction, the number of people who could be conducting transactions at the same time and even the complex nature of the transaction.
Therefore, users often avoid engaging in the ETH network or even getting involved in crypto altogether simply because the gas fees levied is higher than the total transaction, which crosses affordability for most users.
Our collaboration with Biconomy, will bring a revolutionary change in the existing DeFi insurance landscape as we are the first-ever platform to enable gasless policy purchasing, making it much easier and affordable for users to transact on the Ethereum network.
Now users do not have to shy away from purchasing insurance policies on our platform due to the fear of gas fees. Biconomy helps enable users to conduct easy transactions with zero gas fees implied so that users can purchase insurance policies at the rate as displayed without the added burden of gas fees. For example — a policy priced at $250 might eventually require the customer to shill out $400 at the time of payment in order to account for transaction fees (which can be especially high during periods of congestion). On the CoverCompared platform however, thanks to this integration, the end user pays exactly the price of the policy that’s displayed at first glance — $250.
Essentially, users on the platform can now purchase insurance policies at the exact rate as displayed with no unexpected gas fees levied. This is just one of the many innovations we have in store for our users, as we continue to integrate the best and latest of technology onto our platform.
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.