The significant increase in cybercrimes within the crypto space- The CoverCompared Solution
As of late, there has been a hike in the number of hacks and scams that have threatened the digital world. Despite the various cautionary measures employed by exchanges and digital platforms, hackers always stay one step ahead by figuring out loopholes within the blockchain system.
Discrepancies and inefficiencies within a digital wallet, platform, or exchange also provide enough space for hackers to infiltrate and steal millions. Recently a blockchain startup was under scrutiny for having provided a route for hackers to easily steal around 31 million dollars simply by leveraging a bug present in their smart contract. Similarly, a DeFi platform BadgerDao suffered a massive loss of $120 million as a result of a security breach that was ongoing weeks before it was actually reported.
In the case of BitMart crypto exchange hack, an approximate of 200 million dollars were stolen as multiple user accounts were compromised within the Ethereum and Binance Chain. As a multichain insurance aggregator, CoverCompared provides a solution for this problem by providing insurance for your assets within the Ethereum chain as well as the Polygon Network.
These cases solidify the necessity for insurance within the digital sphere. Insuring assets may not safeguard them from being hacked but, it will provide a safety net of assurance to investors when such predicaments occur.
CoverCompared aims to alleviate the burden of such risks and threats by providing the necessary insurance protocols for your digital assets. With the evolution of technology, new innovations are brought forth but so is a significant amount of risk that cannot be left ignored.
CoverCompared is providing a platform that will allow users the liberty to choose from a pool of insurance protocols to safeguard them if their digital assets are threatened. The common occurrence of such cybercrimes only strengthens our reason to further open up the insurance industry and provide investors with the necessary coverage that they require.
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 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.