Less than 1% of all DeFi, Crypto and NFT assets is 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 Umbrella Network to protect and insure users against smart-contract exploitations, breaches and failure. This partnership will allow the PolkaCover protocol to be able to leverage real-time data, provided by Umbrella Network in a secure manner, from leading multinational insurance providers directly.
“PolkaCover is thrilled to work with Umbrella Network, our oracle of choice with significant competitive advantages including scalability, low-cost, customizability, and a key focus on decentralization on an oracle network of 72 validators. Together, both teams will bring widely accessible and affordable insurance coverage from traditional & decentralized insurance providers for all of DeFi and crypto users.”
Kunal Sadani, CEO & Founder of PolkaCover
Why Umbrella Network?
The PolkaCover platform will require direct connections with the traditional insurance providers for quoting and policy issuing. To ensure end-to-end reliability and security for PolkaCover users, we require the most decentralized and low-latency oracle solution primed for scalability. We are excited to choose Umbrella Network, the emerging leader for scalable oracles, to bridge real-world data and the PolkaCover DeFi platform.
Umbrella’s unique architecture allows participants and partners to bring external data on chain at a scale not possible with other current oracle solutions. Umbrella’s Merkelized Layer 2 solution for validating blocks, together with a decentralized and community owned network of validators, ensures that Umbrella can provide a low cost, scalable solution while ensuring the security and accessibility only decentralization can promise. Working with Umbrella Network has allowed our team to identify some key competitive advantages over alternative oracle solutions when working with DeFi Insurance:
· Inexpensive and fast
· Diversity of data- mid tail, long tail of market , volatility and real-world non crypto data
· Decentralized from top to bottom
We are excited to work closely with Umbrella Network in the long-term as a strategic partner, bringing the best DeFi and crypto insurance to the wider crypto community.
“We are extremely excited to have Polkacover join Umbrella Network as a strategic partner,” Polkacover’s futureproof insurance protection will be very helpful to us as they protect and insure users against smart-contract exploitations, breaches and failure. And we look forward to providing a diversity of secure, real-time data to our new partner through Umbrella’s decentralized oracles. Furthermore, as we prepare for our imminent testnet launch, we are glad to have Polkacover be one of the initial partners integrating into our platform.”
Sam Kim, Partner at Umbrella Network
About Umbrella Network
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, so it allows for batching data to smart contracts accurately, securely, and inexpensively. Umbrella believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.
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.
Need More Info on PolkaCover?
PolkaCover social media links: