PolkaCover Partners With Paid Network.
Less than 1% of all DeFi, Crypto and NFT assets are adequately insured — yet hacks and exploits in blockchain applications are all too common. In 2020 alone, there were 17 major DeFi hacks resulting in over $154M in lost funds.
Available insurance products for DeFi and crypto are not widely accessible, have limited coverage and can be very expensive. There is a lack of transparency in data used from traditional insurers to settle claims and the all-too-common delayed or absent claim payouts.
Team PolkaCover is delighted to announce that we have formed a strategic partnership with Paid Network Through this new partnership, PolkaCover will utilize PAID’s SMART Agreements to create and strengthen future internal and external agreements and streamline operations. PolkaCover can easily see the impact PAID will have on businesses around the world, saving us precious time and resources, including our own internal needs.
What is PAID Network?
PAID Network seeks to redefine the current business contract, litigation, and settlement process by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID. Leveraging Plasm to operate on both Ethereum and Polkadot ecosystems, SMART Agreements built through smart contracts execute DeFi transactions and business agreements seamlessly, making business exponentially more efficient.
What is PolkaCover?
PolkaCover is a global Defi-Insurance marketplace that will provide several insurance products geared in providing safeguards for Crypto, DeFi & NFT asset users from over 120 countries. Individuals can use the upcoming PolkaCover marketplace to search, compare & buy multiple insurance products backed by traditional insurers or through our community governed P2P insurance platform.
PolkaCover is being built on the Polkadot ecosystem, it aims to be the missing link that will connect the mass crypto market users with a unique marketplace to provide them insurance coverage on their crypto, DeFi & NFT Assets.
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