PolkaCover is ecstatic to announce the strategic partnership with PolkaInsure, another pioneering insurance protocol for the Polkadot Ecosystem.
The insurtech market has a lot of untapped potentials especially in the field of crypto-assets and crypto-insurance, yet it is often neglected due to the lack of security and protection available to the users investing within the same. With this in mind, PolkaCover redefines the insurance industry by being an innovative cryptocurrency-friendly insurance purchase and policy issuance marketplace in the crypto ecosystem as a whole. Additionally, PolkaCover understands the importance of collaborating with other marketplaces to redefine the future of insurtech.
PolkaInsure is a decentralized P2P insurance marketplace run entirely by DeFi users in the Polkadot Ecosystem. Being an insurance aggregator, they aim to run a user-centric marketplace; users will now be able to send in requests for their insurance needs which any suitable coverage provider will then fulfill.
PolkaCover along with PolkaInsure will provide the following insurance products to the users of both the marketplaces.
- Hack Covers are created to safeguard user’s crypto assets by offering them insurance coverage that will help the users recover from the unexpected crisis with respect to underlying agreements.
- Wallet Exchange Hack Cover will bear the loss according to the predefined cover amount if the central exchange gets hacked.
- Smart Contract Cover will be offered to the users who have their smart contract insured. In the event of a catastrophic loss, a portion of the loss (a fixed claim according to the underlying agreement) suffered by the smart contract defect will be covered by the insurance provider.
- With NFTs becoming more popular, it is vital to protect them from various hacks and fraudulent activities and thus NFT Covers come into the picture to prevent impermanent losses while safeguarding user’s creativity.
“We are elated to partner with PolkaInsure. Both PolkaCover and PolkaInsure are working towards the common goal of providing a safer crypto ecosystem. With this partnership, I am certain we will be able to collaborate together to redefine the potential of the insurtech market while providing a safety blanket for the user's needs.”
- Kunal Sadani, CEO and founder, PolkaCover
“It’s our pleasure to partner with PolkaCover to work together on providing an insurance marketplace on Polkadot. Parachain Auction on Polkadot is getting more and more excited and Defi Insurance products with EVM compatible will be big on Polkadot Ecosystem. We see this partnership as an important milestone to promote a safe crypto environment on Polkadot.”
- Harry Callum, CEO, PolkaInsure:
PolkaCover is the First DeFi insurance marketplace for the global crypto ecosystem. Our aim is to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products for the crypto world.
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.
As the name implies, PolkaInsure is a decentralized P2P insurance marketplace on Polkadot Ecosystem powered by Polkadot Ecosystem. The protocol aims:
- To be one of the first pioneering protocols offering coverage for DeFi projects running on Polkadot Ecosystem.
- To be a P2P marketplace that allows any user to request insurance and anyone to provide coverage.