Ever since the first Bitcoin was minted in 2009, the cryptocurrency market has constantly been growing exponentially. In 2019, the worldwide cryptocurrency market was estimated at 754 million USD, and is expected to reach 4.7 billion USD by 2027. With the rapid growth of the market, the crypto ecosystem has been attracting players from various tech-startups and industries. However, with the rising demand for cryptocurrencies, reports show that the lack of crypto insurance is one of the biggest existing issues in the crypto industry.
For the last couple of years, there have been several high profile crypto thefts, one of them being a large cryptocurrency exchange based in Japan, which was named Coincheck, which lost about 530 million USD that belonged to over 200k customers. The theft for crypto exchanges has only been rising over the years, as a total of 1.7 billion USD was scammed and stolen in 2018.
The demand for crypto-based insurance products has only grown over the last few years, since the cryptocurrency capitalization is earmarked to exceed over 1 trillion USD. Given that cryptocurrency exchanges serve as both, a marketplace and a store of digital assets, it has become every hacker’s first choice, hence the security surrounding the market needs to get only stronger and better.
PolkaCover will be bringing insurance for cryptocurrency users worldwide. Our mission is to bring enhanced security to the crypto ecosystem as a whole, enabling users to be able to transact quicker, and in a more secure way. We are pioneering products into the crypto ecosystem for new users enabling them to transact in a safe and secure environment without fear.
Need More Info on PolkaCover?
PolkaCover social media links: