Cryptocurrencies: The mainstream payment system of the future

Over the last decade, we have seen how the word “cryptocurrency” went from being alien to being part of our most used vocabulary. The crypto revolution (albeit, sceptical) has now taken the world by storm & have established that, despite fluctuations in recent days, they are here to stay.

With the digital age approaching us, cash payments will no longer hold validity in the coming years, especially with growing demand from consumers for crypto enabled financial services. This growing demand is further fuelled by the expansion of decentralized finance as this ecosystem supports & sustains stable coins inclusive of crypto tokens. Consumers are often frustrated by the restrictions placed by financial authorities and the absence of a centralized regulatory body in DeFi provides users with needed liberty in making monetary decisions.

Nowadays, crypto tokens have been considered as an acceptable form of payment from purchasing assets to even groceries. For example: Starbucks have enabled an option where you can use a special app to purchase Bitcoin and then have it exchanged for Starbucks gift cards. Many countries have brought forth their own native crypto tokens as well. In 2018, Venezuela became the first nation to issue its own cryptocurrency: the Petro.

The introduction of payment gateways has also played an imperative role in normalizing crypto tokens as a mode of payment.

Payment gateways are companies taking on the perceived risk of cryptocurrency payments by using their wallets to facilitate transactions between merchants and their customers. In this case, users can opt to pay in cryptocurrency at the time of checkout where they pay an amount equal to the digital currency’s fair market value at the time of the transaction & it converts the payment instantly to the currency the merchants choose. The payment is then credited to the merchant’s account via the provider.

These are just a few examples of how crypto is being pushed further into the realm of global payment and at CoverCompared we are also following the lead. Users can now purchase traditional as well as crypto-based insurance policies via our dApp using varied crypto tokens, including our own native token $CVR, to avail a discount of 25% on all products.

Decentralizing the insurance industry has been overdue for a long time as a few conglomerates remain as gatekeepers. As the first-ever decentralized insurance marketplace, we funnel our efforts into providing users with the latest technology infused services to make insurance coverage globally affordable and accessible.

We are also offering the added advantage of providing a commonplace for our users to have all their insurance needs covered with the option of customization. The fear of gas fees when transacting is also eliminated as we are the first platform to offer gasless policy purchasing thus, catering to the primary needs of our users.

About CoverCompared

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.

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