How do insurance policies cover your crypto assets?
Cryptocurrencies are starting to expand into the territory of becoming a part of the mainstream global payment system. However, they still remain very volatile in nature and these fluctuations are a cause of concern.
This is where insurance for crypto-based assets come into play, which is among one of the primary goals of CoverCompared. The insurance industry remains largely centralized and is reluctant to dip its toes into providing coverage for crypto and other digital assets due to the volatility of the crypto world as well as the difficulty in setting a risk-loss ratio.
CoverCompared now offers the perfect solution. Users will now be able to purchase:
- Smart contract covers
- Crypto-exchange covers
We have integrated with global insurance providers who offer DeFi users insurance coverage to provide protection for their crypto-based assets. Smart contracts are intended to provide security but in case there is a mishap or unintentional usage of code, this could lead to major loss suffered by the user.
This is where smart contract covers are needed as they protect yourself and your digital assets in case of such predicaments.
Insuring your crypto assets would safeguard them in case an unfortunate predicament occurs such as a hack or theft of your digital wallet. We continue to witness more and more cybercrime attacks in the digital space that wavers the confidence of users and if the necessary insurance protocols are in place then users will have the assurance that they will be able to claim back their precious loss when their assets are threatened by hackers.
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.
